Transmission links connecting Gujarat’s Khavda renewable energy park with South Gujarat and Rajasthan’s Bhadla renewable energy zone with Uttar Pradesh --- both slated for commissioning around FY29 --- will account for nearly 63% of the future billing potential from Adani Energy Solutions Ltd’s (AESL) under-construction transmission portfolio.AESL is executing 13 transmission projects spanning 7,926 circuit kilometres (ckm) and 73,775 MVA of transformation capacity, with a combined annual billing potential of ₹9,510 crore. Of this, two high-voltage direct current (HVDC) projects — the Bhadla-Fatehpur HVDC project and the Khavda South-Olpad HVDC project — together account for ₹5,949 crore of the total future billing potential.Talking about the commissioning pipeline, Kandarp Patel, CEO of the company told investors on Wednesday that both the HVDC projects are expected to be commissioned around FY29 including the Khavda South-Olpad HVDC project that will be commissioned around December 2029. The Bhadla-Fatehpur HVDC project, part of the HVDC Rajasthan Phase-II transmission system, is designed to evacuate renewable power from Rajasthan’s Bhadla renewable energy zone and strengthen transmission connectivity towards the northern grid. The project involves 2,400 ckm of transmission lines and 21,900 MVA of transformation capacity, with an annual billing potential of ₹3,557 crore.Gujarat’s Khavda renewable energy zone is another major focus area for AESL, with multiple transmission projects under execution. The Khavda South-Olpad HVDC project, being developed through KPS III HVDC Transmission Ltd, involves 1,200 ckm of transmission lines, 5,400 MVA of transformation capacity and has an annual billing potential of ₹2,392 crore. Other Khavda-linked projects include Khavda Phase-III Part-A (Halvad), Khavda Phase-IV-A and Khavda Phase-IV Part-D, which together strengthen evacuation capacity from one of India’s largest renewable energy hubs.The Khavda-linked projects, along with the Bhadla-Fatehpur HVDC line, highlight AESL’s focus on building high-capacity transmission infrastructure for renewable power evacuation. Together, the two HVDC projects contribute ₹5,949 crore in annual billing potential, accounting for nearly 63% of the company’s under-construction transmission portfolio.Apart from these renewable energy corridor projects, AESL is executing transmission assets including Jamnagar Transmission, Navinal (Mundra), Mahan Transmission and South Kalamb transmission projects. The portfolio also includes 18 line and substation augmentation projects under the regulated asset (ROA) framework, with an annual billing potential of ₹2,751 crore.The company is also significantly stepping up investments in the transmission segment. Of the ₹3,498 crore capital expenditure incurred during the first quarter of FY27, transmission accounted for ₹2,199 crore, more than double the ₹1,025 crore spent in the April-June quarter of FY26. The sharp increase in transmission capex comes as AESL accelerates execution of large-scale interstate transmission projects.Looking ahead, AESL expects a robust pipeline of transmission projects, with growing opportunities emerging from state transmission utilities (STUs) as states ramp up intra-state network expansion. “We expect that every year we will have an opportunity of about ₹1 lakh bidding combining various central and state projects,” Patel said, adding that states such as Maharashtra, Rajasthan and Uttar Pradesh have begun stepping up transmission investments after significant expansion of the inter-state network over the past few years.On the outlook for HVDC transmission, Patel said the technology will remain central to renewable energy evacuation over long distances and is increasingly being adopted to serve demand from load centres as well. “HVDC is the most appropriate technical solution” for transmitting renewable power across long distances, he added.Published on July 23, 2026