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Adani Green Energy jumps after arm bags hybrid projects

Capital Market 

Adani Green Energy was up 3.15% to Rs 40.90 at 09.52 IST on the BSE after the company said it received letters of award for 600 MW hybrid projects.

The announcement was made after market hours yesterday, 19 June 2019.

Meanwhile, the S&P BSE Sensex was up 58.61 points, or 0.15% to 39,171.35.

On the BSE, 71,000 shares were traded in the counter so far compared with average daily volumes of 1.03 lakh shares in the past two weeks. The stock had hit a high of Rs 42 and a low of Rs 40.25 so far during the day. It hit a 52-week high of Rs 77.60 on 7 August 2018 and a 52-week low of Rs 22.75 on 2 July 2018.

Adani Green Energy (AGEL) said that its wholly-owned subsidiary, Adani Renewable Energy Park (Gujarat) (AREPGL), won bids for setting up 600 MWac ISTS-connected wind-solar hybrid power projects in a tender issued by Solar Energy Corporation of India (SECI). The company has received letters of award (LoAs) from SEC I for the same. The fixed PPA tariff is Rs 2.69/kWh for a period of 25 years. Projects are expected to be commissioned by Q4 FY2021.

With this, AGEL's portfolio of renewable generation capacity in India stands at 5.16 GWac with 2.02 GWac operational projects and balance 3.14 GWac in development stage.

On a consolidated basis, AEGL reported net loss of Rs 93.85 crore in Q4 March 2019 compared with net loss of Rs 42.82 crore in Q4 March 2018. Net sales rose 67.9% to Rs 680.95 crore in Q4 March 2019 over Q4 March 2018.

Adani Green Energy builds and operates solar and wind energy power plants in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 20 2019. 09:55 IST