Adani Energy Solutions Ltd. (AESL), India’s largest private energy services company, has secured long-term financing from a consortium of Japanese banks for its flagship high-voltage direct current (HVDC) transmission project aimed at strengthening renewable energy evacuation across northern India.
The green energy corridor will evacuate 6,000 MW of renewable power from Rajasthan’s solar-rich Bhadla region to Fatehpur in Uttar Pradesh, a major industrial and transport hub. Configured as a ±800 kV HVDC network spanning approximately 950 kilometres, the project is designed to enhance grid stability and support India’s growing clean energy demand. The transmission link is scheduled for commissioning by 2029. It is expected to become a critical backbone of India’s green power infrastructure, with the capacity to supply electricity equivalent to the needs of around 60 million households.
The financing is led by two major Japanese banks—MUFG Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC)—which underscores strong international confidence in India’s renewable energy and transmission sectors. The project also reflects a deepening India–Japan partnership in clean energy development, combining Japanese financial strength and technology with India’s infrastructure scale.
Advanced HVDC technology for the project will be supplied by Hitachi Energy in collaboration with Bharat Heavy Electricals Limited (BHEL), supporting India’s domestic manufacturing ecosystem and aligning with the government’s Make-in-India initiative. Japan’s leadership in critical transmission technologies and India’s focus on local capability development together underpin the project’s execution strategy.
The HVDC corridor forms part of the Adani Group’s integrated clean energy platform. Rajasthan remains a key 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 power from renewable energy, placing Mumbai among the world’s leading cities in terms of sustainable power integration.
The strengthening India–Japan financial and industrial relationship is further reflected in AESL’s recent BBB+ (Stable) credit rating from the Japanese credit rating agency JCR, which is aligned with India’s sovereign rating. This signals confidence in both India’s policy environment and AESL’s financial position.
Commenting on the development, Kandarp Patel, CEO, AESL, said the project represents a defining step in building India’s green transmission backbone. He noted that continued support from Japanese partners, including leading banks and Hitachi, demonstrates the depth of the India–Japan partnership and a shared commitment to advancing a sustainable energy future. He added that AESL remains focused on developing resilient, future-ready transmission infrastructure to accelerate India’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 and reinforcing AESL’s commitment to responsible growth and global ESG standards.
Latham & Watkins and Saraf & Partners acted as borrower’s counsel for the transaction, while Linklaters and Cyril Amarchand Mangaldas advised the lenders.
