Commercial sale of power from the project is expected to commence from 1 January 2020.
Adani Renewable Energy, a step down subsidiary of Adani Green Energy (AGEL), has commissioned its 75 megawatts (MW) wind power project having power purchase agreement with Maharashtra State Electricity Distribution Company (MSEDCL) at Rs 2.85/kWh for 25 years.Commercial sale of power from the project to MSEDCL is expected to commence from 1 January 2020. With this, 2.50 GWac of renewable energy projects are operational.
AGEL has total 5.29 GWac portfolio of renewable capacity in India, out of which 2.79 GWac projects are under implementation. The announcement was made after market hours yesterday, 31 December 2019.
Shares of Adani Green Energy jumped 4.44% to Rs 173.9. The stock has surged nearly 200% in last three months. The stock continues to trade above its 20 days and 50 days simple moving average placed at 137.74 and 114.35 respectively. These levels will act as support zones in near term.
On a consolidated basis, Adani Green reported a net profit of Rs 100.25 crore in Q2 September 2019 compared with net loss of Rs 187.97 crore in Q2 September 2018. Net sales surged 51.1% to Rs 674.78 crore in Q2 September 2019 over Q2 September 2018.
Adani Green Energy builds and operates solar and wind energy power plants in India.
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