Adani Energy Solutions Ltd (AESL) has formally executed a Share Purchase Agreement (SPA) to acquire 100% equity shares of KPS III HVDC Transmission Limited from PFC Consulting Ltd, marking a strategic step in its renewable energy transmission expansion.
Under the agreement signed on 12 December 2025, AESL will take full ownership of KPS III HVDC Transmission Ltd, a special purpose vehicle (SPV) established to develop a high-voltage direct current (HVDC) transmission asset. The company’s authorised and paid-up share capital is ₹1 lakh, and the acquisition is being executed at a face value of ₹10 per share.
The KPS III HVDC transmission scheme is designed to support the evacuation of 2.5 GW of renewable energy from Phase-V of the Khavda Renewable Energy Park in Gujarat. This scheme forms part of a broader effort to enable transmission of additional mega-watt-scale clean power from one of India’s largest renewable energy zones.
AESL has identified this acquisition as part of its larger strategy to expand its footprint in India’s critical energy infrastructure sector. The move is expected to strengthen the company’s capabilities in high-voltage transmission and enhance long-term value for shareholders through both organic and inorganic growth avenues.
KPS III HVDC Transmission Ltd was incorporated in January 2024 and, prior to the acquisition, had not commenced commercial operations. By bringing this asset under its portfolio, AESL will deepen its involvement in renewable energy evacuation projects, which are vital for integrating large-scale green power into India’s national grid. The acquisition underscores AESL’s ongoing commitment to supporting the country’s clean energy transition by building critical transmission infrastructure that can accommodate growing renewable capacity. 
