Adani Green Energy zooms 7% on subsidiary’s power purchase deal with SECI – EQ
In Short : Adani Green Energy experiences a surge of 7% following its subsidiary’s power purchase agreement with SECI (Solar Energy Corporation of India), reflecting positive market response to the company’s renewable energy ventures.
In Detail : With execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity.
Shares of Adani Green Energy gained nearly 7 percent at open on the NSE on March 14, a day after its subsidiary signed a power purchase agreement with Solar Energy Corporation of India (SECI) for 534-MW solar power projects. At 9:20am, the stock was trading at Rs 1,843.75.
In a regulatory filing, Adani Green Energy said that its subsidiary Adani Renewable Energy Fifty Nine Limited has entered into power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for the supply of 534 MW of solar power projects. With execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity.
In Q3FY24, Adani Green Energy reported a 149 percent on-year increase in consolidated net profit to Rs 256 crore from Rs 103 crore in the previous fiscal. Revenue for the same period grew 40 percent YoY to Rs 1,765 crore while EBITDA for the same period also grew 40 percent YoY to Rs 1,638 crore. Recently, Adani Green Energy also reported that it has operationalised a cumulative capacity of 1,000 MW solar energy at Khavda, in Gujarat.
