Adani Group commissions country's largest solar project

Diversified Adani Group announced the commissioning of country's largest 40 mw solar power plant in Kutch district Gujarat. For India's largest private thermal power producer, the Solar Power Plant marks Adani's first big foray in the renewable energy sector. Going forward, Adani Group is planning to expand the capacity of this plant to 100 mw. The group is claiming to have commissioned country's largest solar power plant in record time of 150 days starting from foundation stone laying to electricity generation.

"We are pleased to dedicate country's largest solar plant to Nation today. We, at Adani, are committed to protect and encourage better use of natural resources of our country by implementing better technologies. The Solar plant and uses of Super Critical Technology in all of our Thermal Power Plants is a testimony of our commitment towards the environment," said Adani Group chairman Gautam Adani. The solar power plant is using solar PV technology and has over 400,000 solar PV modules mounted on 21,600 structures, which are erected on 130,000 foundations.

The power generated from this solar plant will be evacuated through a 66 KV line linked to a substation in Netra, located 20 kms away from the project site. The project was awarded under Gujarat Solar Power policy of 2009. Adani Power, a company of Adani Group, is currently operating 3,300 MW at Mundra with 4 units of 330 MW and 3 units of 660 MW, and is in the process of commissioning two more units of 660 MW by March 12 to achieve the final plant capacity of 4,620 MW. This will position Mundra as the single largest thermal power plant in India. Within this financial year, Adani Power also plans to commission 1320 MW at Tiroda enhancing operational capacity of Adani Power to 6000 MW by March 12. Further Adani Power plans to commission 6000 mw by March 2012 and 10,000 mw of power generation capacity by March 2013. This capacity will be achieved with Mundra (4620MW), Tiroda (3300MW) and Kawai (1320MW)

Adani Group firm completes acquisition of Australian port

AHMEDABAD: Mundra Port and SEZ , a Adani Group firm, today announced it has completed the acquisition of Australia's Abbot Point Port Coal Terminal (APPCT) for AUD 1.829 bn (Rs 8,900 crore) in an all-cash deal.

The deal, completed in a record 28 days period, marks one of the largest outbound acquisitions by any Indian company overseas in the last fiscal.

"The acquisition of APPCT has been completed today. We have paid the entire amount of AUD 1.829 bn to the Queensland treasury and have taken over the ownership and operations of the port," MPSEZL Chief Financial Officer B Ravi told reporters here.

"The port has been re-christened Adani Abbot Port Coal Terminal (AAPCT) Pty. Our directors have joined the board of the new company and a team is in place there and has started to operate the port from today," he said.

The Ahmedabad-based Group, after being declared a successful bidder by the State of Queensland, Australia , had signed a sale and purchase agreement in Brisbane for the port on May 3.

The short-term acquisition financing for the project has been done by the State Bank of India (SBI) and Standard Chartered bank, Ravi said.

"The short-term funding will be replaced with an assest-based financing (long-term) for which we have $ 1.5 bn worth assets in the new company (AAPCT Pty).

"We can go in for long-term asset-based debt of up to $ 1.3 bn based on the assets of AAPCT. Secondly, there would be MPSEZL-level debt either through convertible bonds or some other financial instrument which is yet to be decided," he said.