Adani Green Energy surges over 9% after subsidiary’s power purchase deal with SECI

Adani Green Energy shares zoomed 9.5% to hit an intraday high of ₹1,889.45 apiece on the NSE on Thursday, a day after the company's subsidiary signed a power purchase deal with Solar Energy Corporation of India (SECI).

In an exchange filing, Adani Green Energy said that its wholly-owned stepdown subsidiary Adani Renewable Energy Fifty Nine Limited has entered into power purchase agreements (PPAs) with SECI for the supply of 534 MW of solar power projects.

Post PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity, the company informed the stock exchanges.

Adani Green Energy, a prominent player in India's renewable energy sector, recently operationalised a cumulative capacity of 1,000 MW of solar energy at the world's largest Renewable Energy (RE) park in Khavda, Gujarat.

This took the company's operational capacity to 9,478 MW, a major step towards its ambitious target of reaching 45,000 MW by 2030.

Adani Green Energy achieved remarkable success by delivering 1,000 MW of solar energy in less than 12 months from the commencement of work at Khavda. This involved the installation of about 2.4 million solar modules. Such accelerated progress underscores AGEL's commitment to India's ambitious goal of achieving 500 GW of non-fossil fuel capacity by 2030.

In the last quarter of the ongoing financial year (FY24), Adani Green Energy reported a 149% jump in its consolidated net profit at ₹256 crore over ₹103 crore in the corresponding period a year ago.

Its revenue for Q3FY24 rose 40% to ₹1,765 crore, while EBITDA jumped 40% YoY to ₹1,638 crore.

At 13:45 pm, shares of Adani Green Energy were trading 7.6% higher at ₹1,860 apiece on NSE.