Adani Green, Waaree Energies, NTPC Green: How renewable energy stocks performed this week

Leading renewable energy stocks saw a mixed trend this week triggered by both domestic and global factors. Though several green energy firms like Waaree Energies, Reliance Power and NTPC Green Energy traded in the red in the last session of the week on Friday, new order wins and project commissioning aided the overall rally in the past five sessions for some of the leading players in the sector.

Adani Green Energy Limited shares were in focus on Thursday and Friday amid reports of the possible impact of bribery charges against billionaire Gautam Adani in the US court on the group’s renewable energy goals, after FBI director Chris Wray's resignation.

Here’s a look at how the renewable energy stocks performed this week:

Adani Green Energy (AGEL)

The company also announced the commissioning of a 250 MW solar power project in Jodhpur district of Rajasthan, taking AGEL’s total operational renewable generation capacity to 11,434 MW.

However, in the past five sessions the stock declined 1%. Shares of Adani Green closed 1.64% lower at ₹1,198 apiece on the NSE.

India has set a target of achieving 500 GW of renewable energy capacity in 2032 to meet global climate goals. Adani Group firm, Adani Green Energy, the country’s largest green energy company, will have a critical role in achieving this target.

Waaree Energies

Shares of India’s largest solar PV module manufacturer gained over 10% this week after the company announced new project wins.

The company on Monday, December 9, announced receiving an order for supply of solar modules up to 1 GW from a renowned customer.

The company on Wednesday announced receiving a Letter of Award (LoA) for the development of a 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Ltd (RUMSL).

Waaree Energy shares rose for seven straight days to Thursday, putting total gains of over 12%. The newly listed stock hit an all-time high of ₹3,445.45 per share on December 12.

However, the stock declined on Friday due to profit taking. Shares of Waaree Energies closed 2.45% lower at ₹3,211.5 apiece, ending the gaining momentum since December 4.

Reliance Power

Reliance Power announced bagging a new 930 MW solar energy contract from renewable energy agency SECI. The stock surged around 5% on Thursday after the announcement. The Anil Ambani-led company informed the stock exchanges that its subsidiary Reliance NU Suntech bagged India's single largest solar project with 1,860 MWh battery energy storage system from the Solar Energy Corporation Of India (SECI).

NTPC Green Energy

The stock declined on Thursday to trim gains. However, NTPC Green Energy shares recovered the losses in the previous session to close 0.4% higher at ₹143.9 apiece on the NSE on Friday. The stock marginally dropped by 0.5% this week.

Inox Wind Energy Ltd

Earlier this week, INOXGFL Group announced its entry into solar manufacturing through Inox Solar, a privately held company. The company aims to become a leading solar modules manufacturer with a production capacity of 5GW and 2.5 GW for solar cells by 2026. The company has proposed to allocate ₹1,500 crore for the new product manufacturing, according to a stock exchange filing.

KPI Green Energy

Shares of KPI Green Energy closed 0.84% lower at ₹793 apiece on the NSE on December 13.