Adani Energy acquires Khavda phase V transmission SPV

Adani Energy Solutions Limited has completed the acquisition of a transmission project that will support gigawatt-scale renewable energy evacuation from the Khavda region in Gujarat. The company executed a Share Purchase Agreement on 12 December 2025 with PFC Consulting Limited to acquire all equity shares of KPS III HVDC Transmission Limited. The company received a Letter of Intent for the transaction in November 2025.

Power Finance Corporation Limited, which is the parent company of the seller, disclosed that the acquisition was completed for a cash consideration of Rs. 20,32,54,965. The regulatory annexure states that the transaction aligns with Adani Energy Solutions Limited’s plan to pursue growth through inorganic opportunities. KPS III was set up as a special purpose vehicle to develop the “Transmission System for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase-V (8GW): Part C.”

The acquisition was completed on the date of the agreement. The company said the transaction is not a related party transaction. KPS III was incorporated in January 2024 and has no significant operational history or turnover. The disclosures were made to BSE Limited and the National Stock Exchange of India Limited under the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements.

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