Adani Energy Preferred Bidder For Rs 25,000-Crore Project
As of September, AESL’s under-construction transmission project pipeline was valued at Rs 27,300 crore, comprising 12 projects.
Adani Energy Solutions Ltd. has reportedly emerged as the preferred bidder for a high-value transmission project under Rajasthan Part-I Power Transmission. The project, valued at approximately Rs 25,000 crore, is poised to become AESL's largest order win to date, once the formal award process concludes.
The transmission system project, bid under Tariff-Based Competitive Bidding, involves an Interstate Transmission System termed “Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part-I.” It is being implemented through the special purpose vehicle, Rajasthan Part-I Power Transmission Ltd., Business Standard reported.
The tendering process for the project had been reinitiated after the earlier round was annulled for undisclosed reasons. Competing bidders included Power Grid Corp. of India, Sterlite Power Transmission Ltd., and India Grid, as per details on the REC Power Development and Consultancy website.
The project entails setting up 6 GW High-Voltage Direct Current terminal stations at Bhadla in Rajasthan and Fatehpur in Uttar Pradesh, along with transmission lines and an associated alternating current network between the two stations, Business Standard reported citing sources.
AESL typically informs stock exchanges of its project wins upon the transfer of SPVs. Its last such announcement came in November, when it disclosed a share purchase agreement with PFC Consulting Ltd. for the Pune-III Transmission project, aimed at evacuating 7 GW of renewable energy from Khavda RE Park under Phase-IV Part-D.
In an investor call, Adani Energy Solutions Chief Executive Officer, Kandarp Patel, expressed confidence in securing projects worth Rs 15,000-20,000 crore over the next six months, supported by an Rs 85,000-crore project bid pipeline, Business Standard reported.
As of September, AESL’s under-construction transmission project pipeline was valued at Rs 27,300 crore, comprising 12 projects, the company noted in a prior media statement.
Adani Energy stock rose as much as 3.26% during the day to Rs 828 apiece on the NSE. It was trading 0.58% higher at Rs 806.50 apiece, compared to a 0.27% advance in the benchmark Nifty 50 as of 11:19 a.m.
The relative strength index was at 46.81. All six analysts tracking the stock have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 83.5%.
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