Adani Green hits life-time high on commissioning of wind power project

The commercial sale of power from the Project to Maharashtra State Electricity Distribution Company is expected to commence w.e.f. 1st January 2020

Shares of Adani Green Energy (AGEL) hit a new high of Rs 175, having been locked in the upper circuit band of 5 per cent on the BSE for the third straight day, after the company commissioned 75 MW wind power project.

In the past four months, the stock of the Adani Group Company zoomed 300 per cent from a level of Rs 44 on the BSE. In comparison, the S&P BSE Sensex rallied 13 per cent during the same period.

“Adani Renewable Energy (GJ), a stepdown subsidiary of Adani Green Energy has commissioned its 75 MW wind power project having power purchase agreement ("PPA") with Maharashtra State Electricity Distribution Company (MSEDCL) at Rs 2.85/kWh for a period of 25 years,” the company said in a regulatory filing.

The commercial sale of power from the Project to MSEDCL is expected to commence w.e.f. 1st January, 2020, it added.

With this, 2.50 GWac of renewable energy projects have become operational. AGEL has a total portfolio of 5.29 GWac renewable capacity in India, out of which 2.79 GWac projects are under implementation, the company said.

The trading volumes on the counter more than doubled with a combined 3.9 million equity shares changing hands on the NSE and BSE till 11:17 am. There were pending buy orders for 183,458 shares, the exchange data shows.