Adani Energy arm forms JV with UAE firm for smart metering
Adani Energy Solutions' wholly-owned subsidiary Adani Transmission Step-Four Ltd (ATSFL) has entered into a definitive agreement to establish a 49:51 joint venture with UAE-based Esyasoft Holding Limited (EHL). This JV aims to implement Smart Metering projects in India and globally.
“Adani Transmission Step-Four Limited has entered into a definitive agreement on 26th December, 2023 (12.30 p.m. IST) for formation of 49:51 JV with UAE-based Esyasoft Holdings, to implement Smart Metering projects in India and globally,” Adani Energy says via a stock exchange filing.
Regarding the UAE joint venture, an agreement has been reached to facilitate licensing of intellectual property rights (IPRs) by EHL to the software products and solutions designed for smart meters and other industrial applications. The JV company of ATSFL and EHL will further develop these products.
“ATSFL and EHL to hold 49% and 51% shareholding respectively in the proposed JVCo with equal participation in the Board of Directors of the Company,” it reports.
Shares of Adani Energy Solutions (AESL) rose over 4% today at ₹1,059.95 after it announced the signing of an agreement with EHL to execute smart metering projects in the home country and globally, and that it won 7GW Renewable Energy Evacuation Transmission Network in National Grid Evacuation.
AESL has received the Letter of Intent (LoI) for Halvad Transmission Ltd's (HTL) aquisition from PFC Consulting Ltd. HTL, a special purpose vehicle (SPV), established by PFCCL serves the purpose of evacuating 7 GW of Renewable Energy (RE) from Khavda RE park, as part of Phase III Part A package. The company secured the project via Tariff-Based Competitive Bidding (TBCB) process and is set to commission the project within the next 24 months on a Build, Own, Operate, and Maintain (BOOM) basis.
This development increases AESL's network, including installed and under-commissioning assets, to 20,518 ckm and 53,161 MVA of transformation capacity.
The company announced a planned investment of ₹3,000 crore to BOOM the 301 km (656 ckm) transmission project for a 35-year period.
“The project includes setting up of 765 kV Halvad switching station with 2x330 MVAr bus reactors and Line-In Line-Out of Lakadia-Ahmedabad 765 kV D/c line at Halvad,” the filing adds.
Mr. Anil Sardana, MD, Adani Energy Solutions Ltd., says, “The 7GW Khavda Project will go a long way in making additional renewable energy available for the consumers and we will use the latest technology to commission this project with minimal environmental impact.”
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