Adani Green share price jumps over 9% as subsidiary enters into power purchase deal with SECI

Adani Green share price jumped over 9% on Thursday, recouping the previous session’s steep losses, after its subsidiary signed a power purchase agreement with Solar Energy Corporation of India (SECI). Adani Green Energy shares rallied as much as 9.33% to ₹1,887.80 apiece on the BSE.

Adani Green Energy said its subsidiary Adani Renewable Energy Fifty Nine Ltd has entered into power purchase agreements (PPA) with SECI for the supply of 534 MW of solar power projects.

With the execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity, the company said in an exchange filing.

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In a separate release, Adani Green Energy said it has operationalized 126 MW wind power capacity in Gujarat. This marks the completion of the 300 MW of project, with 174 MW being operationalized earlier.

“The 300 MW wind project will produce 1,091 million electricity units, leading to an avoidance of approximately 0.8 million tons of CO2 emissions annually. With the operationalization of the project, AGEL continues to strengthen its market leadership, operating India’s largest renewable energy portfolio of 9,604 MW,” Adani Green Energy said.

On March 11, Adani Green Energy said it had operationalized a cumulative capacity of 1,000 MW solar energy at the world’s largest renewable energy park at Khavda, Gujarat.

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Adani Green shares witnessed a sharp fall of over 9% on Wednesday amid broad-based correction in the overall market. All Adani Group shares were under heavy selling pressure in the previous session.

However, Adani Green shares recouped losses and traded with strong gains on Thursday along with a rally in other Adani Group stocks.

In the quarter ended December 2023, Adani Green Energy reported a consolidated net profit of ₹256 crore, a significant increase of 149% from ₹103 crore in the year-ago quarter. The company’s revenue in Q3FY24 rose 40% year-on-year (YoY) to ₹1,765 crore. 

Adani Green share price has risen 24% in the past three months, while the stock has given a staggering 165% return in one year.

At 12:30 pm, Adanin Green shares were trading 7.88% higher at ₹1,862.60 apiece on the BSE.

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