Adani Green Energy rises after signing agreement with Solar Energy Corporation

Adani Green Energy gained 1.84% to Rs 1,411.65 after the company signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 MW of green power.

So far, Adani Green Energy has signed power purchase agreement with SECI for a total generation capacity of close to 6000 MW of the 8,000 MW awarded in 2020. The company expects to close the balance 2000 MW PPA in the next two to three months.

Gautam Adani, chairman of the Adani Group said, We are pleased to have signed the world's largest PPA with SECI. Following the proceedings at COP 26, it is increasingly evident that the world has to equitably transition to a low carbon economy faster than previously anticipated. This is why the Adani Group has committed $50-$70 billion of investment in the renewables space. This agreement keeps us well on track to our commitment to become the world's largest renewables player by 2030.

Adani Green Energy has one of the largest global renewable portfolios with 19.8 GW (giga-watts) of operating, under-construction and awarded projects catering to investment-grade counterparties.

On a consolidated basis, the company's net profit soared 488.23% to Rs 100 crore on a 96.51% surge in total income to Rs 1,411 crore in Q2 FY22 over Q2 FY21.

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