Adani Green Energy rises on executing PPA with SECI to supply solar power
Adani Green Energy is currently trading at Rs. 1568.60, up by 34.65 points or 2.26% from its previous closing of Rs. 1533.95 on the BSE.
The scrip opened at Rs. 1555.00 and has touched a high and low of Rs. 1580.00 and Rs. 1552.00 respectively. So far 107209 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2185.30 on 18-Jan-2023 and a 52 week low of Rs. 439.35 on 28-Feb-2023.
Last one week high and low of the scrip stood at Rs. 1580.00 and Rs. 1385.70 respectively. The current market cap of the company is Rs. 246776.42 crore.
The promoters holding in the company stood at 56.26%, while Institutions and Non-Institutions held 19.65% and 24.08% respectively.
Adani Green Energy (AGEL) has executed power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL has completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.
AGEL has progressed on the commitments of the SECI manufacturing-linked solar PV tender, including setting up 2 GW of PV cell and module manufacturing facilities. AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum through its associate company Mundra Solar Energy (MSEL). The plant is located at Mundra, Gujarat. AGEL holds 26% shares of MSEL through its wholly owned subsidiary Adani Renewable Energy Holding Four.
With this, Adani Green now has tied up PPAs of 19.8 GW and balance is merchant capacity in its 20.6 GW locked-in portfolio. With over 2 Lacs acres of land already tied up in resource rich areas of India, the portfolio is fully de-risked for execution of 45 GW capacity by 2030.
Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.