The shares of the prominent green energy company opened on a positive note, rising modestly by 1.4% to reach an intraday high price of ₹1,790 each after signing an agreement with the Sri Lankan government to construct wind power stations.
Adani Green Energy Ltd. is categorized within the large-cap segment of stocks, with a market valuation of ₹2,75,329 crores.
According to reports, the Sri Lankan government has signed a 20-year power purchase agreement with Adani Green Energy Ltd to construct two wind power stations. Under the terms of the agreement, the company will receive compensation of 8.26 cents per kilowatt-hour (kWh).
Adani Green Energy secured approval to invest $442 million for this project in February of the previous year. To develop the 484-megawatt wind power plants in Mannar town and Poonery village, situated in the Northern province of Sri Lanka. Additionally, the Adani Group is engaged in the construction of a $700 million terminal project at Colombo, Sri Lanka’s largest port.
Adani Green Energy Limited is engaged in the business of renewable energy power. It is India’s largest and the world’s leading renewable energy solutions partner enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants.
Adani Green Energy currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively. The company has set a target of 45 GW by 2030 aligned to India’s decarbonisation goals.
Adani Green Energy Limited (AGEL) has outlined its plans for Pumped Storage Projects (PSPs) in India. In its latest Q4 results announcement, the company disclosed its intention to incorporate 5 Gigawatts (GW) of Pumped Storage Projects (PSPs) by 2030.
The company generates 67%(7,393 MW) of energy from solar, followed by 12%(2,140 MW) from wind energy and 21%(1,401 MW) from Hybrid plants.
The company experienced a 2.7 percent year-on-year decline in revenue, dropping from ₹2,598 crores in Q4FY23 to ₹2,527 crores in Q4FY24. Additionally, there was a 39 percent decrease in net profit during this period, falling from ₹507 crores to ₹310 crores.
Over the past six months, the shares of Adani Green Energy Limited have surged by 85%, with an impressive 89% increase over the last year.
In Adani Green Energy, GQG partners hold 7% of the stake, followed by 2.7% from Qatar Investment Authority and 1.4% from LIC India.
In FY24, the company’s operational capacity grew by 35% year-over-year to reach 10.9 GW. Additionally, energy sales surged by 47% year-over-year to 21,806 million units, and revenue from power supply rose by 33% year-over-year to ₹ 7,735 crore.
Written by Omkar Chitnis
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