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Power 20:20 | August 2015

Transmission companies that laid the most network last year (private company) - Adani Power Limited (APL)

APL commercialised its first unit of 330 MW at Mundra in Gujarat in 2009, and scaled up plans to build India´s largest and one of the world´s top five single location thermal power plants with capacity of 4,620 MW. The company has also made inroads into power generation in Maharashtra, Rajasthan and Madhya Pradesh with an ambitious vision of being a 20,000 MW company by 2020. It commissioned the first supercritical 660 MW unit in the country and also the world´s first supercritical technology project to have received ´clean development mechanism (CDM) project´ certification from the United Nations Framework Convention on Climate Change (UNFCCC).

Key success factors:
Quick execution

Adani has created the benchmark for the fastest completion of India's first private -¦ 500 kV HVDC (High Voltage Direct Current) transmission system, Mundra-Mohindergarh transmission line (989 km). This HVDC transmission project is the largest of its kind, traversing three states i.e. Gujarat, Rajasthan and Haryana. It carries affordable electricity from Mundra power plant to Mohindergarh, Haryana. HVDC lines can transmit bulk power over long distances in a single hop over a single transmission line. Besides being economical over long distance, this also minimises transmission losses. The HVDC line is environment friendly and needs less Right-of-Way per MW transferred and therefore has minimum impact to the flora and fauna. Another unique feature is its capacity to precisely control the amount of power transmitted, thus preventing black outs.

Transmission experience
The company has experience of executing the first power transmission project of 400 kV Double Circuit Transmission System from their Mundra plant to Dehgam (432 km), which has been commissioned in record time. Meanwhile, the company also excuted the 400 kV Tiroda-Warora AC transmission line, which is being used to evacuate power from 3,300 MW power plant at Tiroda, Maharashtra.

Transmission orders
At present, Adani Power has bagged contracts worth Rs 3,600 crore to set up three transmission lines in Chhattisgarh. The contracts bid out by Power Finance Corporation include Sipat project worth Rs 863 crore, Chhattisgarh (A) project worth Rs 823 crore and Chhattisgarh (B) worth Rs 1,976 crore. Adani Power bagged the projects with aggressive bids. It quoted levelised annual tariff of Rs 79 crore for Sipat project, Rs 132 crore for Chhattisgarh (A) and Rs 178 crore for Chhattisgarh (B) project, sources said.

Acquisition of power assets
On April 20, 2015, the company successfully completed the acquisition of Udupi power project for an EV of Rs 6,300 crore. Equity of this project was arranged by the company from borrowing at the holdco level. With this acquisition, Debt-Equity of the company will increase beyond 10 times. Also, the company has stated that it would complete acquisition of Korba West project in two months. Total debt now stands at ~Rs 440 billion.

The company also clarified that they have successfully restructured longer term borrowings at Tiroda and Kawai as per the RBI´s 5/25 rule, and would be doing the same for the Mundra plant during this quarter. This will enable them to repay the debt over a longer period of time.

  • Adani Power sold 12 billion units during Q4FY15 Vs 11.8 billion units in Q4FY14.
  • The company sold 50.7 billion units during FY15 Vs 40.1 billion units in FY14.
  • It has signed a binding term sheet to acquire 100 per cent stake in Korba West Power Company Ltd.
  • It is set to acquire Lanco Infratech´s Udupi project for Rs.6,000 crore; with this the company´s installed capacity will rise to 10,440 MW.
  • Won Jitpur coal mine at negative bid of Rs.302/mt in Feb 15
  • Commissioned Unit-5 of Tiroda in Oct-14

Parameter Details
Company Adani Power
Ownership Private Limited Company
Industry Energy
Founded 1996
Headquarters Ahmedabad, India
Products Energy
Revenue NA
Net Income NA
Employees NA
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