Thursday, December 8 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Dec 05
Week of Nov 28
Week of Nov 21
Week of Nov 14
Week of Nov 07
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Essar Power to sell its transmission asset to Adani for Rs 1,913 crore


    June 3, 2022 - United News of India

     

      New Delhi, June 3 -- Ruias-controlled Essar Power on Friday said it has signed a definitive agreement with Adani Transmission to sell one of its two transmission lines for Rs 1,913 crore.

      The company said it is transitioning to green businesses to achieve ESG (environmental, social, and governance) oriented future growth.

      "With this transaction, Essar Power is rebalancing its power portfolio with the twin objective of deleveraging its balance sheets and investing in green and renewable power, thereby furthering its ESG-oriented future growth," said Kush S, CEO, Essar Power.

      Essar Power has a current power generating capacity of 2,070 MW across four plants in India and Canada.

      The group subsidiary Essar Power Transmission Company Limited (EPTCL) has 465-km transmission lines across three Indian states.

      "The asset transacted is an operational 400 KV inter-state transmission line linking Mahan to Sipat pooling substation. The project operates under the CERC (Central Electricity Regulatory Commission) regulated return framework," Essar Power said.

      The company said that in the last three years it reduced its debt from a peak level of approximately Rs 30,000 crore to Rs 6,000 crore.

      "Alongside this, Essar Power has been in the process of curating a green balance sheet around renewable energy which is in line with Essar's strategy of investing in future-centric businesses which give a superior rate of return within the ESG framework," it said.

      UNI NK Published by HT Digital Content Services with permission from United News of India. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.