Adani Green soars 9% in two days after arm wins 150 MW solar power project

Shares of Adani Green Energy (AGEL) gained 6 per cent to Rs 1,995.95 on the BSE in Thursday's intra-day trade, soaring 9 per cent in the past two trading days, after the company announced that its arm has received Letter of Award (LOA) to set-up 150 MW solar power project.

The stock of the Adani Group's electric utilities company had hit a record high of Rs 2,128.90 on February 18, 2022. At 11:56 AM, it was 4 per cent higher on the BSE at Rs 1,960, as compared to 0.25 per cent rise in the S&P BSE Sensex.

"Adani Renewable Energy Holding Fifteen Limited, a wholly-owned subsidiary of AGEL, participated in a tender issued by Punjab State Power Corporation for procurement of 250 MW solar power from ground mounted grid connected solar PV power plants and has received the Letter of Award (LOA) to set-up 150 MW solar power project," the company said in exchange filing.

The fixed tariff for this project capacity is Rs. 2.34/ kWh for a period of 25 years.

The company further said: With this, AGEL now has a total renewable energy project portfolio of 20.434 MWac capacity, out of which 5.410 MWac projects are operational. 11,591 MWac projects are under construction and 3.433 MWac projects are near construction.

AGEL develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.

In the past three months, AGEL has outperformed the market by surging 43 per cent as compared to 3.6 per cent decline in the S&P BSE Sensex. Over the past six months, it has zoomed 85 per cent as against 4 per cent fall in the benchmark index.