Adani Energy Solutions (AESL) has successfully acquired its second interstate transmission system (ISTS) project involving HVDC technology, under the tariff-based competitive bidding (TBCB) process.

The project, titled “Transmission System for Evacuation of Power from the Potential Renewable Energy Zone in Khavda, Gujarat under Phase-V (8GW): Part C,” is estimated to cost Rs 12,000 crore. AESL officially acquired the project special purpose vehicle (SPV), KPS III HVDC Transmission, from PFC Consulting on 12 December, 2025. This project is AESL's second ISTS acquisition, following its earlier acquisition of “Rajasthan Part I Power Transmission" in January 2025.

KPS III is also the third HVDC technology-based ISTS-TBCB project, with the first awarded to Power Grid Corporation of India (PGCIL) in November 2024. The KPS III project involves two ±500 kV HVDC terminals in Gujarat, connected by a 600 km link with a transfer capacity of 2,500 MW. "AESL emerged as the L1 bidder for this significant project," a source revealed.