India, Gujarat: Adani Energy Solutions Ltd (AESL) has formally taken over its second interstate transmission system (ISTS) project based on HVDC technology under the tariff-based competitive bidding (TBCB) framework. The project is known as KPS III HVDC Transmission and forms part of the transmission system for evacuating power from the renewable energy zone in the Khavda area of Gujarat under Phase V.
The project includes two ±500 kV VSC-based HVDC terminals, one near Khavda Pooling Station-3 and the other at South Olpad in Gujarat, connected by a 600 km HVDC bipole line with a transfer capacity of 2,500 MW.
The scheme, officially titled Transmission System for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase-V (8GW): Part C, is estimated to cost around $1.3 B (Rs.12,000 crore), based on assessments made by the National Committee on Transmission at the time of approval.
AESL completed the acquisition of the project special purpose vehicle, KPS III HVDC Transmission Ltd, from bid process coordinator PFC Consulting Ltd (PFCCL) on 12 December 2025. The SPV had been incorporated in January 2024 as a wholly owned subsidiary of PFCCL.
AESL had earlier emerged as the lowest bidder for the project, competing with Power Grid Corporation of India Ltd, Resonia Ltd and IndiGrid, through its subsidiary Enerica Infra 1 Pvt Ltd. Details of the final tariff quoted by AESL are yet to be disclosed.
For Adani Energy Solutions, this marks its second ISTS project under the TBCB route, following the takeover of Rajasthan Part I Power Transmission Ltd in January 2025. KPS III is also the third HVDC-based ISTS project to be awarded under the TBCB mechanism.
Source: T&D World
