Adani Group stock which is engaged in renewable power generation and other ancillary activities jumped 3 percent following the completion of the Power Purchase Agreement with SECI for 8000 MW solar power.
At 10:25 a.m the shares of Adani Green Energy Limited were trading at Rs. 1574, up 2.66 percent from its previous day’s close price of Rs. 1,533.10 and its market capitalization is Rs. 2,48,693 Crores.
Adani Green Energy Limited(AGEL) has announced the execution of the power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power.
With the signing of this balance PPA, AGEL has completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.
AGEL has made progress on the SECI manufacturing-linked solar PV tender commitments, including the establishment of 2 GW of PV cell and module manufacturing facilities. AGEL has already completed the construction of a solar PV cell and module manufacturing plant with a capacity of 2 GW per year through its subsidiary Mundra Solar Energy Ltd (MSEL).
The MSEL plant is located at Mundra, Gujarat and AGEL holds 26 percent shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd.
Adani Green currently has 19.8 GW of PPAs in place, with the remaining merchant capacity in its 20.6 GW locked-in portfolio. The portfolio is entirely de-risked for the implementation of 45 GW capacity by 2030, with over 2 Lacs acres of land already locked up in resource-rich areas of India.
Adani Green Energy is India’s largest renewable energy producer with its infrastructure strategically located in 12 states. Its total operational capacity consists of 8,316 MW, which includes 5,063 MW from Solar, 1,201 MW from Wind, and 2,160 MW from Hybrid.
Adani Green Energy is going to build the world’s largest renewable energy park at Khavda, Gujarat, which is going to generate 30 GW of power to power over 20 million homes.
It is going to achieve an operational Capacity of 20,434 MW with its ongoing renewable energy expansion projects, which majorly consist of Power generation from Solar Energy and the rest from Wind and Hybrid. At present, it has 2,00,000 acres of resource-rich sites in strategic locations, with 40 GW of sites with geotechnical, resource analysis & design work Done.
Its revenue from operations grew 51.8 percent from Rs. 5,133 Crores in FY22 to Rs. 7,792 Crores in FY23, accompanied by increasing profits of Rs. 489 Crores to Rs. 974 Crores.
Adani Green Energy is a holding company of several subsidiaries carrying business of renewable power generation within the group and is primarily involved in renewable power generation and other ancillary activities.
Written by: Bharath K.S
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