Adani Power shares advance after receiving LoI to set up 2400 MW thermal power plant in Bihar

Adani Power stock advanced 2.81% to an intra-day high of ₹666.80 per equity share on the National Stock Exchange (NSE) on Monday, September 15.

This comes after the firm announced that it will establish a 2400 megawatt (MW) ultra-super-critical power plant in Bihar at an investment of $3 billion, or approximately ₹26,482 crore, it said in a regulatory filing on Saturday.

It received a letter of intent (LOI) for the 2400 MW thermal power project from Bihar State Power Generation Company Ltd (BSPGCL) for long-term procurement of electricity on behalf of North Bihar Power Distribution Company Ltd and South Bihar Power Distribution Company Ltd.

It also signed a power supply agreement (PSA) with BSPGCL for the supply of 2400 MW of power from the greenfield ultra-super-critical plant, Adani Power added.

The thermal power project will be set up at the Pirpainti village in Bihar’s Bhagalpur district, on the design, build, finance, own, and operate (DBFOO) model. Furthermore, the fuel for the same will be sourced from the allocated coal linkage arranged by the Utility under Para B(IV) of SHAKTI Policy, it said.

The company aims to commission the plant in 60 months, it stated.

On August 29, Adani Power received the letter of award (LoA) for the same from BSPGCL, on behalf of North Bihar Power Distribution Company Ltd and South Bihar Power Distribution Company Ltd.

Adani Power won the project by offering the lowest supply rate at ₹6.075 per kWh.

The project will generate direct and indirect employment for 10,000-12,000 people during the construction phase and 3,000 once in operation.

A part of the billionaire Gautam Adani-led group, Adani Power is the largest private thermal power producer in India. It has an installed thermal power capacity of 18,110 MW.

Shares of Adani Power were trading 0.92% higher at ₹654.50 apiece, as of 10:58 am.

While the stock touched a year’s low of ₹432 on November 21, 2024, it reached a 52-week high of ₹681.55 per equity share almost a year earlier on September 16, 2024.

Adani Power has a total market capitalisation of ₹2.5 lakh crore, as of September 15, 2025, according to data on the NSE.