Shares of Adani Energy Solutions Ltd. surged by 3% to a day’s high of Rs 1,049 on 2nd September after the company secured a contract to evacuate 7 GW of renewable energy from the Khavda Renewable Energy Park into the National Grid.

The company informed the exchanges on 2nd September that it completed the acquisition of the Khavda Phase IV Part-A transmission project after receiving a letter of intent from REC Power Development and Consultancy Ltd.

Khavda IVA Power Transmission Ltd. is a special purpose vehicle (SPV) established by RECPDCL to evacuate 7 GW of renewable energy from the Khavda RE Park under the Phase IV Part-A package.

The company secured this contract through the Tariff-Based Competitive Bidding (TBCB) process. They will commission the project in 24 months on a build, own, operate, and transfer (BOOT) basis and maintain it for 35 years.

The Adani Group company plans to invest Rs 4,091 crore to build the 298 km (596 circuit kilometres) transmission project. Additionally, AESL will set up a 300 MVAr Static Synchronous Compensator (STATCOM), 3×1500 MVA 765/400 kV Interconnecting Transformers (ICTs), and bus reactors of 1×330 MVAr at 765 kV and 1×125 MVAr at 420 kV.

The company’s market capitalisation rose to Rs 124,224 crore.

At 3:30 PM, the shares of Adani Energy Solutions closed 2.93% higher at Rs 1,036.90 on NSE.

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