Adani Energy Solutions Ltd. (AESL), India’s largest private energy services company, has secured long-term financing from a consortium of Japanese banks for its flagship high-voltage direct current (HVDC) transmission project, a green evacuation corridor designed to strengthen the flow of renewable power across northern India.
The project will play a central role in evacuating renewable energy from Rajasthan’s solar-rich regions and delivering it into India’s national grid, supporting the country’s expanding clean power demand.
Configured as a high-capacity ±800 kV HVDC network with an evacuation capacity of 6,000 MW, the 950-kilometre corridor will connect Bhadla in Rajasthan to Fatehpur in Uttar Pradesh. Scheduled for commissioning by 2029, the link is expected to become a critical green transmission artery-enabling large-scale renewable integration while strengthening grid stability for some of India’s most energy-intensive urban and industrial centers.
The asset is part of the Adani Group’s integrated clean energy platform. Rajasthan remains a key generation hub for Adani Green Energy Limited (AGEL), whose projects already supply clean power to AESL’s subsidiary, Adani Electricity Mumbai Limited (AEML). AEML currently integrates more than 40% renewable energy into its supply mix, positioning Mumbai among the world’s largest cities with substantial sustainable power penetration.
The financing-led by Japanese banking partners MUFG Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC)-underscores sustained international confidence in India’s renewable infrastructure build-out. The project is further supported by advanced HVDC technology from Hitachi, delivered in collaboration with Bharat Heavy Electricals Limited (BHEL), leveraging India’s domestic manufacturing ecosystem. Together, these partnerships reflect Japan’s leadership in critical transmission technologies and India’s push to deepen local manufacturing under its Make-in-India initiative.
The strengthening India–Japan financial and industrial corridor is also reflected in AESL’s recent BBB+ (Stable) credit rating from Japanese agency JCR, aligned with India’s sovereign rating-signaling parallel confidence in both the country’s policy framework and AESL’s balance sheet.
Kandarp Patel, CEO, AESL, said, “This project marks a defining step in building India’s green transmission backbone. The continued support from our Japanese partners-including leading banks and Hitachi-reflects the depth of the India–Japan partnership and our shared commitment to enabling a sustainable energy future. AESL remains focused on developing resilient, future-ready transmission infrastructure to accelerate India’s energy transition.”
The financing has been raised under AESL’s sustainable debt framework, aligned with the Equator Principles, enabling participating lenders to classify the facility as a Green Loan and reinforcing AESL’s commitment to responsible growth and global ESG standards.
Latham & Watkins and Saraf & Partners acted as borrower’s counsel, while Linklaters and Cyril Amarchand Mangaldas advised the lenders on the transaction.
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