Adani Power, Adani Green Bag LOI For Supply Of 6600 MW Hybrid Solar, Thermal Power

In a latest development Adani Green Energy Limited (AGEL) will sign a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) under the Letter of Intent (LOI), for supply of 5 GW (5000 MW) solar power from the world's largest renewable energy park being developed at Khavda in Kutch District of Gujarat, to Maharashtra state, as per the LOI awarded to Adani Power Limited as permitted under the tender conditions. Shares of Adani Green Energy and Adani Power will remain in focus on Monday after the latest development.

As per the BSE filing, MSEDCL issued Letter of Intent for 6600 MW to Adani Power and Adani Green will reportedly supply 5 GW (5000 MW) solar power from Khavda. The press release added, Adani Power will supply 1496 MW (net) thermal power from new 1600 MW Ultrasupercritical capacity. Adani Power and Adani Green to sign separate contracts with MSEDCL for their respective supply component as permitted under the tender conditions.

The solar capacity award of 5 GW is the world's largest such award since 2020, bolstering AGEL's leadership in India and as one of the largest RE portfolio globally. Similarly, the thermal capacity award is the largest in India in recent years to be awarded to the private sector.

The solar capacity has been allocated at a flat tariff of INR 2.70 per kWh for supply of power for a period of 25 years. The solar projects are expected to be connected to Inter State Transmission System and shall be developed in a staggered manner over a period of three years from execution of the PPAs with MSEDCL.

Mr Sagar Adani, Executive Director, Adani Green Energy, said, "We are glad to collaborate with MSEDCL to meet the states' rising energy demand through renewable sources and fulfill its RE commitments. Our goal is to accelerate India's clean energy transition. This is a crucial step towards the country's energy independence and building a sustainable future. Adani Green is well positioned to achieve the 50 GW target with secured resource rich sites in strategic locations, portfolio mix of renewables and storage solutions, robust supply chain and clear evacuation plans."

Mr Anil Sardana, Managing Director, Adani Power, said "As India advances in achieving its economic growth targets while maintaining a keen focus on sustainability, the role of conventional power in helping stabilize the grid and supplying base load power assumes greater importance."

Adani Power Ltd Share Performance: Last trading price of Adani Power shares on BSE is Rs 633.55 per share on BSE. Adani Power shares slipped over 15.96% in last 3-months, gained 68% in last 1-year, and offered return 529% in last 3-years. In last 5-years, Adani Power shares gained 880%. Its market cap stood at Rs 2,44,356.37 crore. The 52-week high price of Adani Power is Rs 896.75 per share and 52-week low price is Rs 289.30 per share.

Adani Green Energy Share Performance: Current market price of Adani Green Energy Ltd on BSE is Rs 1787.85 per share. The 52-week high price of Adani Green Energy shares on BSE is Rs 2173.65 per share and 52-week low price is Rs 816.00 per share. The company's market cap stood at Rs 2,83,201.25 crore. Adani Green Energy shares slipped over 4% in last 1-week, offered return of 81% in last 1-year, and fell 23% in last 2-years.

About Adani Green Energy Limited: Adani Green Energy Limited (AGEL) is India's largest and one of the leading renewable energy companies in the world enabling the clean energy transition. AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid and hydro pumped storage renewable power plants.

About Adani Power Limited: Adani Power Limited (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The company operates an installed thermal power capacity of 17,010 MW spread across ten power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.