Adani Green spurts on order win, acquisition

Adani Green Energy (AGEL) jumped 4.83% to Rs 1,249 after the company on Monday announced that it has received Letter of Award (LOA) for 300 MW Wind Power Project from Solar Energy Corporation of India (SECI).

AGEL said it had participated in the tender issued by SECI for setting up 1,200 MW ISTS-connected wind power project (Tranche-X) and received the Letter of Award (LOA) to set-up 300 MW Wind Power Project. The fixed tariff for this project capacity is Rs. 2.77/kWh for a period of 25 years.

With this, Adani Green's total renewable capacity now stands at 15,165 MW, of which 3395 MW renewable plants are operational and 11,770 MW projects are under implementation.

Speaking on this development, Vneet S. Jaain, MD & CEO, Adani Green Energy said, Wind energy forms an essential part of our business approach and is expected to continue a vital contribution to our growth plans.

Meanwhile, the company on Saturday announced that it has signed a share purchase agreement for acquisition of 100% stake in Surajkiran Renewable Resources from Toronto-headquartered SkyPower Global. The project is in Telangana and was commissioned in October 2017. The project has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

Adani Green said that the acquisition is expected to be value accretive to our shareholders. The enterprise value of Surajkiran Renewable Resources is approximately Rs 317 crore, subject to closing adjustments.

Surajkiran was incorporated on 13 August 2015 with an objective for generation of electricity using Renewable Energy. It has 50 MW operating solar project located in Junthula and Pansoor Village Nalgonda District in the state of Telangana, which was commissioned in October 2017.

AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with 15 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

Powered by Capital Market - Live News