Adani Green Energy gains 2% as arm commissions 250 MW solar project in AP

Adani Green Energy shares gained 1.6 per cent on BSE, logging an intraday high at Rs 838.55 per share. The northward movement in the stock came after the company arm Adani Solar Energy commissioned a solar power project of 250 MW at Kadapa, Andhra Pradesh. 

 

Around 10:01 AM, Adani Green share price was up 1.04 per cent at Rs 833.6 per share on BSE. In comparison, the BSE Sensex was up 0.07 per cent at 74,153.37. The market capitalisation of the company stood at Rs 1,32,044.95 crore. The 52-week high of the stock was at Rs 2,173.65 per share and the 52-week low was at Rs 758 per share. 

 

"Adani Solar Energy Ap Eight Private Limited, a wholly-owned step-down subsidiary of the company has commissioned a solar power project of 250 MW at Kadapa, Andhra Pradesh," the filing read. 

 

With the commissioning of this plant, Adani Green Energy's total operational renewable generation capacity has increased to 12,591.1 MW. 

 

Recently, Adani Green Energy refinanced its construction facility, having outstanding debt of $1.06 billion with long-term financing. This is the first major fund raise by Adani Group since the US Department of Justice (DOJ) indicted its top executives, including Chairman Gautam Adani. Adani Green did not specify if it raised the amount via loan or dollar bonds for the project.

Adani Green had earlier shelved its planned $600 million bond offering in November 2024 following the indictment of key executives, including Chairman Gautam Adani, by the US Department of Justice (DOJ) on alleged bribery charges. The DOJ accused Adani and others of orchestrating payments to Indian government officials to secure solar energy contracts.

 

The bond issuance was cancelled shortly after pricing, amid escalating legal and regulatory challenges. This marked the second time in as many months that Adani Green had withdrawn a bond offering; an earlier attempt was shelved due to unfavourable market conditions.  ALSO READ: Godrej Agrovet up 4% as board nods acquisition of 48.06% stake in Creamline

 

Adani Green Energy is a renewable energy company based in India, part of the Adani Group. It focuses on generating power through renewable sources such as solar and wind energy. The company operates in both domestic and international markets, with a significant presence in India. It is involved in developing, operating, and maintaining renewable energy projects and aims to contribute significantly to the global transition to clean energy.

 

In the past one year, Adani Green shares have lost 56 per cent against Sensex's rise of 0.58 per cent.