Adani Green gains 4% on commissioning 100-MW solar power plant in Gujarat

Shares of Adani Green Energy (AGEL) gained 4 per cent to quote at Rs 1,091 on the BSE in the early morning trade on Thursday after the company announced that its subsidiary Adani Solar Energy Kutchh Two Private Limited, has commissioned 100 MWac solar power project at Khirsara, Gujarat.

"The commissioning of project was ahead of its scheduled Commercial Operation Date (COD) according to its 25-year-long Power Purchase Agreement (PPA) with the Gujarat Urja Vikas Nigam India (GUVNL). The PPA is priced at Rs 2.44/kWh, as on 29 December, 2020," AGEL said in a press release.

With this commissioning, AGEL's total operational renewable capacity has grown to 2,950 MWac demonstrating a CAGR of 55 per cent since March 2016, it said. The company also said it has total renewable capacity of 14,195 MWac, including 11,245 MWac awarded and under implementation projects. It also targets commissioning of renewable capacity of 25 GW by 2025.

AGEL, a Adani Group Company, develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (NTPC) and Solar Energy Corporation of India (SECI) and various State Discoms.

At 09:39 am, AGEL was trading 3 per cent higher at Rs 1,082 on the BSE, as compared to an unchanged S&P BSE Sensex. The stock hit a record high of Rs 1,220 on November 24, 2020. A combined around 260,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.