Adani Power’s stock lit up the market today, rallying over 6.3% to hit ₹545.20, and investors are buzzing about what’s behind the sudden spike. The reason? A mega deal that’s set to reshape the power landscape in Uttar Pradesh. The surge came right after Adani Power bagged a 1,500 MW power supply contract from the Uttar Pradesh government. This isn’t just any project—it’s a high-stakes, high-investment venture that involves setting up a brand-new ultra-supercritical thermal power plant in the state under the DBFOO (Design, Build, Finance, Own, and Operate) model.
With a proposed capacity of 2×800 MW units (1,500 MW net), the project is expected to cost a whopping ₹16,600 crore (around $2 billion). The UP cabinet had given the green light earlier this month, and now that the Letter of Award (LoA) has been issued, Adani Power is gearing up to sign a long-term power supply agreement with Uttar Pradesh Power Corporation Ltd (UPPCL).
Speaking on the win, S B Khyalia, CEO of Adani Power, expressed enthusiasm: “We’re thrilled to have won this bid. Supplying 1,500 MW to a rapidly growing state like UP is both a responsibility and a privilege. Our goal is to build a cutting-edge, low-emission power plant and start delivering reliable energy by FY2030.” Khyalia also noted that the project would generate 8,000–9,000 jobs during construction and provide 2,000 jobs post-completion—a significant boost to the local economy.
This marks the second major PSA (Power Supply Agreement) Adani Power has clinched in the past year. Back in September 2024, the company secured a 6,600 MW project (including 1,600 MW thermal and 5,000 MW solar) from Maharashtra’s power utility, MSEDCL.
Despite a 3.7% drop in net profit year-on-year for Q4 FY25, clocking in at ₹2,636.97 crore, the company’s operating revenue rose 6.5% to ₹14,237.40 crore—reflecting robust demand and expansion.
As India’s largest private thermal power producer, Adani Power currently operates 17,510 MW of thermal capacity across multiple states, plus a 40 MW solar project in Gujarat. With this UP contract in the bag, Adani Power isn’t just turning up the heat—it’s setting the stage for its next phase of growth.
