From KPI Green Energy to Adani Green Energy: How renewable energy stocks performed this week?

Renewable energy stocks saw a significant rally in the week ended March 21, Friday, amid positive broader market sentiment that fuelled extensive buying in quality beaten-down stocks.

The benchmark equity indices NIFTY and SENSEX jumped over 4% cumulatively this week, closing in the green on all five trading sessions.

The spillover effect was seen in the green energy sector as well. All renewable energy stocks closed the week with gains in the range of 1-13%.

For further details, let’s see how these stocks performed during the week ended March 21:

KPI Green Energy

Shares of KPI Green Energy Ltd bounced back by 13.24% this week to ₹427.8 apiece on the NSE compared to their closing price of ₹377.75 apiece on March 13.

KPI Green Energy announced this week that it has secured ₹272-crore financing for hybrid power projects in Gujarat. The company on Wednesday informed that it has received a final sanction letter from the National Bank for Financing Infrastructure and Development (NaBFID) for the credit facilities. The part financing will be used for the 50 megawatt (MW) hybrid power project comprising 75.2 megawatt peak solar capacity and 16.95 Mw wind capacity at Bharuch, Gujarat.

Adani Green Energy

Shares of Adani Green Energy gained 9.54% this week compared to the closing price of ₹873.65 apiece on the NSE on March 13. The Adani Group stock closed 3.64% higher at ₹957 apiece on the NSE on Friday.

Adani Green Energy Ltd announced this week the successful commissioning of a 250 MW solar power project in Rajasthan’s Bhimsar. The project was undertaken by Adani Green Energy Twenty Four Ltd, a wholly-owned step-down subsidiary of the company. This addition to the portfolio boosts the company’s total operational renewable generation capacity to 12,841.1 MW.

Inox Wind

Shares of Inox Wind Ltd advanced 5.59% this week to ₹171.49 on the NSE compared to its close of ₹162.41 apiece on March 13. Though there were no fresh triggers for the stock this week, the company was in the spotlight last week after it had received a 153-MW wind energy contract from a renewable energy player, a member of a large global clean energy company, for a project being developed in Tamil Nadu.

Premier Energies

Shares of Premier Energies closed 3.48% lower at ₹915 apiece on the NSE on Friday. However, the stock rallied 3.02% on a weekly basis from its close of ₹888.15 apiece on the NSE on March 13.

The company has recently been in focus on account of its expansion plans in Telangana. Premier Energies is strengthening its solar manufacturing capabilities extensively in the state. It is set to increase its solar cell and module production while diversifying into new regions to enhance efficiency and market reach.

Waaree Energies

Shares of Waaree Energies rallied 10.95% this week to settle at ₹2,358 apiece on the NSE compared to their close of ₹2,125.25 on March 13.

The stock is on the rise as financial experts are calling Waaree Energies a multi-decadal renewable, green hydrogen opportunity. The company’s revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) are estimated to grow at a compounded annual growth rate (CAGR) of 30% and 54%, respectively, over the financial year 2024 and 2027.

NTPC Green Energy Ltd

Shares of NTPC Green Energy Ltd rose nearly 6.5% in the week ended March 21 to settle at ₹102.5 apiece on the NSE compared to their closing of ₹96.25 on March 13.

NTPC Green Energy’s wholly-owned subsidiary NTPC Renewable Energy Ltd has issued an invitation for bids (IFB) for the land and power evacuation package related to the development of 550 MW Solar PV Projects with Battery Energy Storage near the 550 MW Shimboo ka Burj Solar Project in Rajasthan.

Acme Solar Holdings

Shares of Acme Solar Holdings remained flat this week. The stock settled at ₹202 apiece, up 1.03%, on the NSE on Friday. However, the stock gained only 0.46%, compared to its closing price of ₹201.07 on March 13.

ACME Solar Holdings has teamed with GREW Solar to complete a solar power plant in Bikaner, Rajasthan. With this, ACME Solar now oversees 2.54 GW of renewable energy assets.