Essar Power
Essar Power enters into agreement with Adani Transmission Ltd to sell transmission asset
Gujarat/Mumbai: Essar Power Limited, India’s first private sector independent power producer, has entered into a definitive agreement with Adani Transmission Limited to sell one of its two transmission lines for Rs 1,913 crore.
Essar Power Transmission Company Limited (EPTCL) has 465-km transmission lines across three Indian states.
The asset transacted is an operational 400 kV inter-state transmission line linking Mahan to Sipat pooling substation. The project operates under the CERC regulated return framework.
During the last three years, Essar Power has reduced its debt from a peak level of approximately Rs 30,000 crore to Rs 6,000 crore.
Alongside this, Essar Power has been in the process of curating a green balance sheet around renewable energy which is in line with Essar’s strategy of investing in future-centric businesses which gives a superior rate of return within the ESG framework.
Essar Power Ltd CEO Kush S said, “With this transaction, Essar Power is rebalancing its power portfolio with the twin objective of deleveraging its balance sheets and investing in green and renewable power, thereby furthering its ESG-oriented future growth. Essar Power has a current power generating capacity of 2,070 MW across four plants in India and Canada.”
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