Adani Energy Wins Rs 25,000-Crore Bhadla-Fatehpur High Voltage Direct Current Project

Adani Energy Solutions Ltd. has won a Rs 25,000 crore Bhadla (Rajasthan)- Fatehpur (Uttar Pradesh) high voltage direct current order. This marks the company's largest order till date.

The project is under tariff based competitive bidding mechanism and REC Power Development & Consultancy Ltd. was the bid process coordinator, an exchange filing by the company said. The project SPV got formally transferred to AESL on Jan. 20, 2025.

The special purpose vehicle is being acquired is Rajasthan Part I Power Transmission Ltd. and has an authorised share capital and a paid-up share capital of Rs 5 Lakh. With this order, the company's order book under execution stands at Rs 54,761 crore. It takes the firm's transmission network to 25,778 ckm and transformation capacity to 84,186 MVA.

This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic as well as inorganic opportunities, the filing said. "RPIPTL will aim to evacuate 6 GW renewable energy from various REZ in Rajasthan beyond Bhadla-III to demand centers of North India and to the national grid."

Adani Energy Solutions shares were trading 0.8% lower at Rs 808.90 apiece, as of 2:45 p.m. This compares to a 1.4% decline in the NSE Nifty 50.

Total traded volume so far in the day stood at 1.14 times its 30-day average. The relative strength index was at 53.

All six analysts have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 86%.