Adani Energy Solutions gets LoI from REC unit contingent on these conditions – EQ
In Short : India is driving the global energy transition with its ambitious 500 GW renewable energy target by 2030. Initiatives like the International Solar Alliance, green hydrogen development, and energy efficiency programs demonstrate its leadership. Despite coal dependence, India’s focus on technology, sustainability, and international collaboration positions it as a key player in advancing global climate goals.
In Detail : Adani Energy Solutions Ltd. has informed the exchanges on Wednesday, December 5, that it has, in ordinary course of business, received a Letter of Intent (LoI) from a unit of state-run REC Ltd.
The LoI has been received from the REC Power Development and Consultancy Ltd. for the establishment of Transmission System for evacuation of power from Renewable Energy Zone (REZ) in Rajasthan.
Adani Energy Solutions received the LoI under Phase-III Part-I through the Tariff-Based Competitive Bidding Process.
However, the company said that the LoI is contingent upon the company’s unconditional acceptance of the same and satisfying certain conditions within 10 days from the issuance of the Letter of Intent.
The LoI is also further subject to execution of binding agreements between the parties, Adani Energy Solutions said in the exchange filing.
Shares of Adani Energy Solutions are currently fluctuating between gains and losses, trading at ₹814.55. The stock is down 40% from its recent peak of ₹1,348. The stock is down 23% so far on a year-to-date basis.
