Adani Green Energy Soars After Power Agreement

23 Sep 2024 CW Team

Adani Green Energy's shares surged by 7.39% to an intraday high of ?1,920 following the announcement of a Letter of Intent (LoI) from Maharashtra state DISCOM for 6,600 MW of hybrid solar and thermal power supply.

Adani Power disclosed that Adani Green will sign a long-term Power Purchase Agreement (PPA) to provide 5 GW (5,000 MW) of solar power from the Khavda renewable energy park in Gujarat, along with Adani Power supplying 1,496 MW of thermal power from a new 1,600 MW Ultra supercritical unit. The solar power will be sold at a fixed tariff of ?2.70 per kWh for 25 years.

Anil Sardana, MD of Adani Power, emphasized the importance of conventional power in stabilizing the grid while integrating renewable energy. At 10:19 AM, Adani Power traded 5.86% higher at ?670.70, while Adani Green rose 5.49% to ?1,886, compared to a modest 0.22% increase in the BSE Sensex.

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