Adani Energy Solutions Ltd. (AESL), India’s largest private-sector energy services company, has secured long-term financing from a consortium of leading Japanese banks for its flagship ±800 kV high-voltage direct current (HVDC) transmission project, aimed at strengthening renewable power evacuation across northern India.
The 950-kilometre green transmission corridor, designed to carry 6,000 MW of renewable energy, will connect Bhadla in Rajasthan—one of India’s largest solar hubs—to Fatehpur in Uttar Pradesh. Scheduled for commissioning by 2029, the project is expected to become a critical backbone for large-scale renewable energy integration into the national grid, while enhancing grid stability for key urban and industrial load centres.
The financing has been led by MUFG Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), reflecting continued international confidence in India’s clean energy infrastructure build-out. Advanced HVDC technology for the project will be supplied by Hitachi in collaboration with Bharat Heavy Electricals Limited (BHEL), combining global technology leadership with India’s domestic manufacturing capabilities under the Make-in-India initiative.
The transmission asset forms a key part of the Adani Group’s integrated clean energy platform. Rajasthan remains a strategic renewable 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 sources over 40% of its electricity from renewable energy, positioning Mumbai among the world’s leading megacities in sustainable power adoption.
The deal further strengthens the India–Japan financial and industrial partnership and follows AESL’s recent BBB+ (Stable) credit rating by Japanese rating agency JCR, aligned with India’s sovereign rating.
Commenting on the development, Kandarp Patel, CEO, AESL, said the project represents a major step in building India’s green transmission backbone and reflects the strong collaboration between Indian and Japanese institutions to support the country’s energy transition.
The financing has been raised under AESL’s sustainable debt framework and is aligned with the Equator Principles, enabling lenders to classify the facility as a Green Loan. Latham & Watkins and Saraf & Partners acted as legal counsel to AESL, while Linklaters and Cyril Amarchand Mangaldas advised the lenders.
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