Adani Green hits new high on winning world's largest solar bid worth $6 bn

The company has won the single largest solar development bid ever awarded, totaling 8 GW to be delivered over a period of 60 months.

Shares of Adani Green Energy (AGEL) hit a new high of Rs 312.75, up 5 per cent on the BSE on Tuesday after the company said it has bagged the world's largest solar bid worth $6 billion.

“The company has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a part of the award, AGEL will develop 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity,” Adani Green Energy said in an exchange filing. CLICK HERE TO READ PRESS RELEASE

This award, the largest of its type, ever, in the world, will entail a single investment of Rs 45,000 crore (USD 6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime, it said.

Based on the award agreement, the 8 GW of solar development projects will be implemented over the next five years. The first 2 GW of generation capacity will come online by 2022 and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025.

The managements said this award will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of Rs 112,000 crore ($15 billion) in the renewable energy space over the next 5 years.

In the past three months, the stock of AGEL has zoomed 127 per cent, as compared to a 3.4 per cent decline in the S&P BSE Sensex. Till 10:05 am, a combined 1.5 million equity shares changed hands and there were pending buy orders for 109,562 shares on the BSE and NSE.