Adani Green Energy incorporates two step-down subsidiaries; here’s everything you need to know

Adani Green Energy has incorporated two new step-down subsidiaries, Adani Ecogen One Limited (AE1L) and Adani Ecogen Two Limited (AE2L) on Friday, September 19.

Adani Renewable Energy Holding Eleven Limited (AREH11L), a wholly-owned subsidiary of Adani Green Energy, will hold a 100% stake in the two newly incorporated entities, the company said in a regulatory filing.

The entities were incorporated for generating, developing, transforming, distributing, transmitting, supplying, and for the sale of any kind of power or electrical energy using wind energy, solar energy, or other renewable sources of energy, it added.

Both entities have an authorised and paid-up capital of ₹1 lakh, the filing revealed.

AE1L and AE2L were registered with the Registrar of Companies in Ahmedabad, Gujarat, and are yet to commence business operations.

Recent development

In a separate regulatory filing last week, the renewable energy firm, through its various step-down subsidiaries, operationalised an aggregate of 87.5 MW power project at Khavda, Gujarat. With the commissioning of these plants, the company’s total operational renewable generation capacity has increased to 16,078 MW.

Earlier this month on September 1, the company’s subsidiary, Adani Renewable Energy Fifty Six Limited, operationalised an incremental solar power project of 125 MW.

SEBI clears Adani Group

Most of Adani Group stocks ended higher on Friday, after the market regulator SEBI, in its final order on Thursday, cleared Gautam Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research.

The Securities and Exchange Board of India (SEBI) said it found no evidence that the conglomerate used related parties to route funds into its listed companies.

The market watchdog, in two separate detailed orders, said the allegations of insider trading, market manipulation, and violations of public shareholding norms were found to be unsubstantiated after a detailed investigation.

Adani Green Energy stock performance

Shares of Adani Green Energy closed 5.48% higher at ₹1,032.50 apiece on the National Stock Exchange (NSE). During the day, the stock surged 9.41% to an intra-day high of ₹1,071 per equity share on Friday.

The scrip soared 5.07% over the week and 11.43% over a period of six months. On a year-to-date basis, it has fallen 0.96%.

While the stock reached a 52-week low of ₹758 on March 3, 2025, it touched a year’s high of ₹2,091 per equity share on September 26, 2024.

Adani Green Energy has a total market capitalisation of ₹1.67 lakh crore, as of September 19, 2025, according to data on the NSE.