Adani Power, Adani Green jump over 5% after bagging a 6,600 MW energy supply project

While Adani Green will supply 5,000 MW from its renewable energy park being built in Khavda, Gujarat, Adani Power will supply 1496 MW from a new thermal power project.

“Adani Green continues to contribute towards boosting Maharashtra’s renewable energy mix, which will further expand with the addition of supplies under the newly awarded capacity. Our wind-solar hybrid cluster in Jaisalmer began powering Mumbai city with green energy in March 2023, with the share of renewable energy in the Mumbai distribution circle’s energy mix standing at 37% as of June 2024,” the company said in a statement.

The 6600 MW capacity was secured through a competitive bidding process initiated by MSEDCL for procurement of combined 1600 MW thermal and 5000 MW solar power.

The terms of the tender permitted Adani Power to bid for thermal power capacity along with solar power capacity, which can be supplied by a group company. “Adani Power accordingly also bid for 5000 MW solar capacity on behalf of Adani Green, thereby leveraging the two entities’ respective competitive advantages and strengths in the thermal and solar power sectors,” the company said.

The solar capacity award of 5 GW is the world’s largest such award since 2020, bolstering Adani Green’s leadership in India and as one of the largest renewable energy 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 ₹2.70 per kWh for supply of power for a period of 25 years. The solar projects are expected to be connected to the Inter State Transmission System and shall be developed in a staggered manner over a period of three years from execution of the power purchase agreements with MSEDCL,” the companies said.