Shares of this renewable power generation company jumped 1 percent in Wednesday’s trading session after it commences operations at a 180 MW solar plant in Rajasthan. The shares have delivered more than 90 percent return to its shareholders in one year.
With a market capitalization of Rs. 2,97,814 crores, the shares of Adani Green Energy Ltd started Wednesday’s trading session on a higher note at Rs. 1,869.70 compared to its previous close of Rs. 1,859. During the trading session, the shares hit a high of Rs. 1,895, gaining around 1 percent and are currently trading at Rs, 1,873 apiece.
According to the exchange filing, Adani Solar Energy RJ Two Private Limited, a wholly-owned step-down subsidiary of Adani Green Energy Limited, had commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India.
Furthermore, the 180 MW solar power plant is equipped with next-generation bifacial solar PV modules and horizontal single-axis solar trackers (HSAT). It will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions.
Additionally, the plant is also equipped with waterless robotic module cleaning systems, enabling water conservation in the barren region of Jaisalmer.
Moreover, the Energy Network Operation Centre will operate on a secured digital cloud platform, enabling real-time monitoring of AGEL’s renewable energy assets, leading to enhanced operational performance.
With the successful commissioning of this plant, Adani Green Energy Ltd’s operational solar portfolio has increased to 6,243 MW, and the total operational renewable generation capacity to 9,784 MW.
Coming onto the company’s financial statements, the revenue increased by 4 percent from Rs. 2,220 crores during the September quarter to Rs. 2,311 crores in the December quarter. On a contrasting note, the net profits declined by 31 percent from Rs. 371 crores to Rs. 256 crores during the same period.
The company aims to achieve a renewable energy capacity of 45 GW by 2030 and is working on developing the world’s largest renewable power plant at Khavda in Gujarat and also plans to increase its operational renewable energy portfolio to 11 GW in FY24 and has set an annual capex plan of Rs. 50 to 70 billion in the near-to-medium term.
Headquartered in Ahmedabad, Adani Green Energy was incorporated in 2015. It 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 Vaibhav Patil
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