The under-construction power transmission portfolio of Adani Energy Solutions Ltd (AESL) got a major boost in Q3 (October to December) of FY25, and has now crossed 7,200 ckm.
During Q3FY25, AESL received the letter of intent (LoI) for the Bhadla-Fatehpur HVDC project, under the TBCB route. Housed under “Rajasthan Part I Power Transmission Ltd” this interstate scheme envisages around 2,400 ckm of transmission lines and 7600 MW of HVDC-based transfer capacity. With an estimated outlay of Rs.25,000 crore, this is AESL’s largest power transmission project win till date. It may be noted that as of January 15, 2025, the formal transfer of project SPV from the bid process coordinator to AESL was pending.
In the same quarter, AESL formally acquired “Pune-III Transmission Ltd,” an ISTS-TBCB scheme referred to as “Khavda Phase IV Part D” that entails 816 ckm of lines and 4,500 MVA of transformation capacity.
These two project wins, especially the HVDC win, have taken AESL’s under-construction power transmission portfolio to over 7,200 ckm of lines and nearly 46,000 MVA of transmission (including HVDC-based transfer) capacity. [See table]
The envisaged investment of AESL’s under-construction power transmission portfolio, as of December 31, 2024, stood at around Rs.54,700 crore – a substantial jump from around Rs.17,000 crore at the beginning of FY25.
Meanwhile, during Q3FY25, Adani Energy Solutions Ltd fully commissioned an intrastate transmission system (InSTS) scheme in Madhya Pradesh, housed under “MP Power Transmission (Package II) Ltd.” This project, won under the TBCB mode, has added 1,088 ckm of lines and over 2,700 MVA of substation capacity to the state grid, strengthening the transmission system in eastern Madhya Pradesh.
As of December 31, 2024, AESL’s operational power transmission portfolio stood at 14,073 ckm of lines and 19,165 MVA of substation capacity. This portfolio includes 16 projects comprising a mix of interstate and intrastate schemes, both under the TBCB and regulated tariff mechanism (RTM) modalities.
Smart metering
As of December 31, 2024, AESL’s smart metering portfolio, largely dominated by RDSS projects, stood at 22.8 million smart meters with an envisaged aggregate revenue potential of Rs.27,200 crore. No new smart metering projects were awarded during FY25, up to December 31, 2024.
It may be mentioned that AESL was L1 in the smart metering tender in Tamil Nadu, envisaging the rollout of 8.2 million meters. This tender was recently cancelled but AESL will take part in the re-bidding process, an investor presentation said.
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