Adani Energy Solutions acquires Essar Transco

16 May 2024 , 12:47 PM

Adani Energy Solutions completed the acquisition of a 100% stake in Essar Transco (ETL) on May 15, 2024, via its subsidiary, Adani Transmission Step Two (ATST). ETL is now a wholly-owned subsidiary of ATST and a step-down subsidiary of Adani Energy Solutions.

With this acquisition, Adani Energy Solutions’ network grows to 21,182 ckt kms, with 18,109 ckt kms already operational and 3,073 ckt kms in progress.

The increased scale of operations will optimize O&M costs and shared resources, reinforcing its position as the largest private sector transmission and distribution company in India.

Adani Energy Solutions acquired Essar’s Mahan-Sipat Transmission assets for ₹1,900 crore. The acquisition follows definitive agreements signed in June 2022 and includes regulatory and other approvals.

The assets include a fully-operational 400 kV, 673 ckt kms inter-state transmission line from Mahan in Madhya Pradesh to the Sipat substation in Chhattisgarh. The project operates under the Central Electricity Regulatory Commission (CERC) regulated return framework and was commissioned on September 22, 2018.

MUFG Bank Ltd is the sole lender for the financing. This acquisition strengthens Adani Energy Solutions’ presence in central India with four operating assets totaling 3,373 ckt km.

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