Adani will source 30 percent of the electricity supplied in Mumbai by PV and wind power plants
Post date: 11/12/2019 - 10:42
Adani Transmission Limited (ATL), Adani Electricity Mumbai Limited (AEML) and a subsidiary of Qatar Investment Authority (QIA) have signed definitive agreements for the sale of a 25.1 percent stake in AEML to QIA and for a shareholder subordinated debt investment by QIA in AEML. The total QIA investment in AEML will be approximately $450 million. AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai. AEML's market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied. As part of the Transaction, ATL and QIA have agreed definitive plans to ensure that over 30 percent of the electricity supplied by AEML is sourced from solar and wind power plants by the year 2023.