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Adani Electricity Mumbai Advances Debt Repurchase and Renewable Energy Goals

Adani Electricity Mumbai Ltd (AEML) has completed an open-market repurchase of its senior secured notes worth Rs425 crore. These notes were originally part of a Rs8,603 crore issuance in February 2020. The repurchased notes have been canceled, with the transaction entirely funded through AEML’s internal cash flows. With this latest repurchase, the outstanding principal now stands at Rs7,145 crore. Previously, in November 2023, AEML had repurchased notes worth Rs1,032 crore. The company may consider further liability management measures based on market conditions.

AEML has also earned top recognition in the Ministry of Power’s integrated ratings and rankings report for FY 2024, achieving a remarkable score of 99.8. It sold 9,813 million units of electricity during the year, while reducing its aggregate technical and commercial losses from 6.48% to 6.12%. Billing efficiency improved from 93.73% to 94.13%, and the gap between the average cost of supply and average realizable revenue improved by Rs0.91/kWh.

The company is accelerating its clean energy transition, with plans to add 1,000 MW of renewable energy capacity through both long- and short-term PPAs. It also targets adding 75 MWh of battery energy storage. In FY 2024, AEML utilized green tariffs for 42% of its transmission and distribution auxiliary consumption and sourced around 4,000 MW of green power for consumers.

Additionally, AEML entered a 25-year PPA to procure 700 MW of wind-solar hybrid power annually at Rs3.24/kWh. In May 2025, it invited bids for 500 MW/4,000 MWh of energy storage, with a greenshoe option for an additional 250 MW/2,000 MWh, from pumped hydro or battery storage systems.