29 March 2024 – Adani Energy Solutions is actively seeking a credit facility of up to $600 million to fund its smart meter projects for electricity supply in India, reflecting a significant investment in modernizing the country’s energy infrastructure.
Chasing Credit Facility:
Adani Energy Solutions is in pursuit of a credit facility to finance its smart meter projects, with a tenor ranging from three to five years and pricing likely tied to the Secured Overnight Financing Rate, according to a Bloomberg report.
India’s plan to deploy 250 million smart meters has attracted investments from companies like Schneider Electric SE and Electricite de France SA. Adani Energy Solutions previously partnered with Esyasoft for smart meter projects, securing substantial orders and expanding transmission networks.
The recent investment agreement between Reliance Industries Ltd (RIL) and Adani Power’s Mahan Energen project underscores the evolving dynamics in India’s energy sector, with RIL acquiring a minority stake driven by regulatory agreements and power purchase commitments.
Conclusion:
Adani Energy Solutions’ pursuit of a significant loan for smart meter projects reflects the industry’s focus on modernizing electricity distribution in India. With strategic partnerships and investments, the energy sector is poised for advancements in smart technology adoption, aligning with India’s broader energy sector transformation goals.
