Adani Green Energy rises after arm signs PPA for 1,250 MW energy storage project

Adani Green Energy rose 1.15% to Rs 963.70 after its wholly-owned step-down subsidiary, Adani Hydro Energy Five, signed a power purchase agreement (PPA) with Uttar Pradesh Power Corporation for a major energy storage project.

According to a stock exchange filing, the agreement covers the supply of 1,250 megawatts (MW) of energy storage capacity from pumped hydro storage projects, marking a major step in Adani Green's push towards strengthening renewable energy infrastructure in India.

Adani Green Energy is Indias largest and one of the leading renewable energy companies in the world, enabling the clean energy transition. It develops, owns, and operates utility-scale grid-connected solar, wind, hybrid, and hydro pumped storage renewable power plants. The company has set a target of achieving 50 GW by 2030, aligned to Indias decarbonization goals.

The company's consolidated net profit rose 92.2% to Rs 492 crore on a 3.1% increase in net sales to Rs 2,286 crore in Q3 FY25 over Q3 FY24.

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