This Adani company, one of the largest in the renewable energy sector, surged after finalizing a $444 million joint venture with TotalEnergies, which acquired a 50 percent stake in Adani Renewable Energy Sixty Four Ltd for solar projects in Gujarat.
Share Price Movement
In Friday’s trading session, Adani Green Energy Ltd shares opened at Rs.2,082.55 per share, rising around 1 percent from its previous close of Rs.2,058.4 apiece. The share price has since retreated and currently trading at Rs.2,073.5 per share.
What happened
Adani Green Energy Limited (AGEL) announced today the completion of a 1,150 MWac joint venture with TotalEnergies. As part of this venture, TotalEnergies invested USD 444 million in AGEL’s subsidiary to acquire a 50 percent stake in AGEL’s solar projects situated at the world’s largest renewable energy plant in Khavda, Gujarat.
Following the execution of the Joint Venture Agreement, the Company and TotalEnergies each hold a 50 percent stake in Adani Renewable Energy Sixty Four Ltd (ARE64L), which houses a project portfolio of 1,150 MWac. TotalEnergies has acquired its 50 percent stake in ARE64L for USD 444 million.
TotalEnergies, through its affiliated entities, holds approximately 19.75 percent of the shareholding in AGEL.
Capacity Expansion Plans
Adani Green Energy targets a capacity of 50 gigawatts by 2030 and is developing a 30-gigawatt renewable energy plant at Khavda, Gujarat.
The company uses advanced robotics for solar installations and has 250 megawatts of operational wind capacity. In Q1 FY25, it reported revenue and EBITDA growth, a 32 percent increase in cash profit to Rs.1,390 crores, and exceeded electricity generation commitments.
Financial Performance
In its recent financials, for the quarter ending June 2024, Adani Green Energy Ltd reported a net profit of Rs.629 crore, up 95 percent from Rs.323 crore in Q1 FY24. Revenue from operations rose 31.12 percent to Rs.2,835 crore from Rs.2,162 crore in the same period.
Company Profile
Adani Green Energy Limited (AGEL) is a prominent renewable energy firm in India, specializing in solar and wind power generation. The company is dedicated to delivering sustainable energy solutions and actively participating in the global effort to combat climate change.
Written by – Siddesh S Raskar
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