Adani Green surges 6% after arm bags 600 MW wind-solar hybrid projects

Shares of Adani Green rallied as much as 5.92 per cent in the early morning deals on Thursday, a day after the company announced that its wholly-owned subsidiary Adani Renewable Energy Park (Gujarat) has bagged 600 MW wind-solar hybrid projects in an auction conducted by state-run Solar Energy Corporation of India (SECI). 

The company has received Letters of Award (LOAs) from SECI for the 600 MW projects. The fixed power purchase agreement (PPA) tariff is Rs 2.69/kWh for a period of 25 years, it added.

"Adani Renewable Energy Park (Gujarat) Ltd (AREPGL), a Wholly-owned Subsidiary of Adani Green Energy Ltd (AGEL) had won bids for setting up 600 MWac ISTS-connected Wind-Solar Hybrid Power Projects in a Tender issued by SECI," the company said in a BSE filing. 

The projects are expected to be commissioned by Q4 of FY2021. With this, Adani Green's portfolio of renewable generation capacity in India stands at 5.16 GW with 2.02 GW operational projects and balance 3.14 GW in development stage.

At 09:34 am, the stock was trading at Rs 41 apiece on the BSE, up over 3 per cent. In comparison, the benchmark S&P BSE Sensex was trading at 39,025 levels, down 88 points or 0.22 per cent.