Adani Green Energy (AGEL) fell 1.78% to Rs 714.85 on profit booking after advancing for two consecutive days.
Shares of AGEL jumped 8.31% in the past two trading sessions to settle at Rs 727.80 yesterday, 14 October 2020, from its close of Rs 673.05 on 12 October 2020.
AGEL and TOTAL SA (TOTAL) had formed a 50:50 joint venture (JV) for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of Rs 17,385 crore in April 2020. The JV has today (15 October) completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW. TOTAL, through its step-down subsidiary has invested Rs 310 crore in the JV for 50% stake in the new acquisition. AGEL had earlier announced acquisition of these assets from Essel Group on 1 October 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term power purchase agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years.
Adani Green Energy had reported a consolidated net profit of Rs 19.77 crore in Q1 June 2020 as against a net loss of Rs 98.01 crore in Q1 June 2019. Net sales rose 10.2% to Rs 724.67 crore in Q1 June 2020 from Rs 657.70 crore in Q1 June 2019.
The stock has surged 799.18% from its 52-week low of Rs 79.50 hit on 16 October 2019.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
The latest ranking of global solar companies by Mercom Capital ranked Adani Group as the number one global solar power generation asset owner in terms of operating, under construction and awarded solar projects. Adani's solar portfolio is 12.32 GWac which exceeds the total installed capacity of the US in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets.
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