The company on June 9 has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India.
Shares of Adani Green hit fresh all-time high and locked in 5% upper circuit at Rs381.55 on the BSE. The stock has gained for 10th straight day and jumped 209% in 3-months.
The stock has been gaining after the media reports said that the company has plans to raise up to $12 billion in the next 4-5 years through the sales of green bonds to accomplish the aim of becoming the world’s biggest renewable energy player.
The company on June 9 has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a part of the award, AGEL will develop 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity.
This award, the largest of its type, ever, in the world, will entail a single investment of Rs45,000cr (US $6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.
With this win, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewables company by 2025.
This award will take the Company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of Rs1.12 lakh cr ($15 billion) in the renewable energy space over the next 5 years.
Source: indiainfoline
