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Apollo Invests $500 Million in Adani Energy Solutions’ Transmission Subsidiary

Global alternative investment firm Apollo Global Management has invested $500 million (around Rs 4,600 crore) in Adani Energy Solutions through its subsidiary Adani Transmission Step-One Limited (ATSOL Global IFSC). The investment was made through the subscription of senior secured private placement notes.

The capital infusion came from Apollo-managed funds, affiliates, and other long-term investors. ATSOL Global IFSC owns and operates part of Adani Energy Solutions’ regulated power transmission network spanning western and northern India.

Adani Energy Solutions is among the largest private-sector power transmission and distribution companies in India, operating an extensive portfolio of regulated transmission assets across the country. The investment-grade senior secured notes issued by ATSOL will primarily be used to refinance bonds scheduled to mature in late 2026.

The financing is expected to strengthen the company’s balance sheet and provide greater flexibility to support future capital expenditure related to power transmission infrastructure.

According to Jamshid Ehsani, Partner at Apollo, the investment reflects the firm’s long-term confidence in India’s infrastructure sector and the increasing demand for reliable power transmission and distribution. He noted that India continues to represent a highly attractive infrastructure market globally, driven by strong economic growth and rising electricity demand.

Jugeshinder Singh, Chief Financial Officer of the Adani Group, said the financing highlights the company’s strong relationships with global institutional investors. He added that Apollo’s participation aligns well with the stable and long-term cash flow profile of the group’s transmission assets.

Singh also emphasized that the transaction reflects the company’s disciplined capital management approach, including prudent maturity extension and continued access to global capital markets. He noted that the investment will support the expansion of India’s transmission and distribution infrastructure in line with national priorities to strengthen the country’s energy grid.

Law firms Latham & Watkins and Trilegal served as legal counsel to Apollo for the transaction.