NEW DELHI: Adani Energy Solutions Limited (AESL) on Monday said it has achieved financial closure for its $1 bn green high voltage direct current (HVDC) link project, that will increase renewable energy supply to Mumbai.

Mumbai’s electricity demand is to touch 5,000 MW by FY25, from the current peak demand of 4,000 MW.

The island city has only 1,800 MW of embedded generation capacity and the existing transmission corridors face capacity constraint risks.

The 80-km multi-faceted project will offer a technological upgradation to the Mumbai city.

The construction work for this link will begin in October 2023, AESL said in a statement.

“AESL has announced successful financial closure for its $1 billion Green HVDC link project, which will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand,” it said.