Adani Energy Solutions (AESL), formerly Adani Transmission, has signed a definitive agreement with Megha Engineering & Infrastructures to acquire a special purpose vehicle (SPV) KPS 1 Transmission. Financial terms of the deal were not disclosed.
KPS 1 is a transmission services provider. This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic and inorganic opportunities, it said in a regulatory update.
The acquisition is expected to close in 15 days’ time. The SPV was incorporated on May 6, 2022, and is yet to commence business operations.
Earlier in April, REC Power Development and Consultancy, a subsidiary of state-owned REC, had transferred the KPS1 Transmission project-specific SPV to Megha Engineering & Infrastructures.
Earlier this month, AESL said it secured a $1 billion financing for an under-construction High Voltage Direct Current (HVDC) transmission link in Mumbai.
The construction work for the 80 km project is scheduled to commence in October this year.
Following its completion, the grid will supply renewable power to the city and support its rising electricity demand.