Adani Green spurts on bagging world's largest solar award

Adani Green Energy hit an upper circuit of 5% at Rs 312.75 after the company said it bagged a manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI).

As a part of the contract, the company will build 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.

With this win, Adani Green Energy will now have 15 GW capacity under operation, construction or under contract.

This award will take Adani Green 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 a total investment of $15 billion in the renewable energy space over the next 5 years.

Gautam Adani, Chairman of the Adani Group, 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 solar cell and module manufacturing capacity of 2 GW will be established by 2022 and along with the existing 1.3 GW of capacity will further consolidate the Group's position as India's largest solar manufacturing facility."

Adani Green Energy has 15GW of operating, in-construction and awarded wind and solar parks. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The company reported a consolidated net profit of Rs 56 crore in Q4 March 2020 as against net loss of Rs 94 crore in Q4 March 2019. Income from operations rose 2% YoY to Rs 696 crore in Q4 FY20 over Q4 FY19.

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