Adani Energy Solutions Ltd (AESL) has formally acquired its second interstate transmission system (ISTS) scheme involving HVDC technology, under the tariff-based competitive bidding (TBCB) route.
The scheme is formally referred to as “Transmission System for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase-V (8GW): Part C” and is estimated to cost around Rs.12,000 crore as per estimates made by National Committee on Transmission (NCT) at the time of approving the project.
AESL completed the formal acquisition of the project special purpose vehicle “KPS III HVDC Transmission Ltd” from bid process coordinator PFC Consulting Ltd (PFCCL) on December 12, 2025. This project SPV was originally incorporated as a wholly-owned subsidiary of PFCCL, in January 2024.
As reported by tndindia.com on November 3, 2025, AESL had emerged L1 for the project and the formal transfer of the project SPV was expected soon. AESL was in the race along with three other contenders – Power Grid Corporation of India Ltd (PGCIL), Resonia Ltd and IndiGrid (through its majority subsidiary Enerica Infra 1 Pvt Ltd).
Details on the winning tariff quoted by AESL are awaited.
For AESL, KPS III is the second ISTS scheme that it has acquired under the TBCB route, after “Rajasthan Part I Power Transmission Ltd,” which was taken over on January 21, 2025.
KPS III is also the third ISTS-TBCB scheme involving HVDC technology to be ever awarded under the TBCB framework. The very first such scheme – housed under “Khavda V-A Power Transmission Ltd” – was clinched by PGCIL, on November 19, 2024.
KPS III was under bidding stage since August 2024 and has seen at least 25 extensions in bid submission dates, arising out of various factors including changes in technical parameters.
The project mainly envisages two HVDC (VSC-based) terminals of ±500kV – one near Khavda Pooling Station–3 (KPS3) and the other at South Olpad, both in Gujarat. The two will be linked by an HVDC bipole link with running length of 600 km and transfer capacity of 2,500 MW.
Featured photograph (source: Hitachi Energy India Ltd) is for representation only