NTPC Green, Premier Energies and other renewable energy stocks see major fall this week

Renewable energy stocks like NTPC Green Energy, Premier Energies and others witnessed high volatility this week as global uncertainty and trade tensions dominated the sentiment in the broader equity markets.

Most renewable energy stocks posted significant declines in their stock prices, ranging from 1-17%, during the week despite some of them reporting new orders and deals. NTPC Green was the lead loser among the renewable energy firms, as its stock dropped 17.1% weekly.

NTPC Green Energy (▼ 17.1%)

The stock price declined after the 3-month lock-in period for anchor investors ended on February 24. This freed up 183 million shares of the company, representing approximately 2% of its total outstanding shares, for trade in the stock market.

NTPC Green Energy also announced entering into a memorandum of understanding (MoU) with Madhya Pradesh Power Generating Co. Ltd to develop 20GW projects in the state at an approximate investment of ₹1.2 lakh crore.

Adani Green Energy (▼ 10.0%)

Adani Green Energy Ltd on Tuesday informed that its wholly owned subsidiary Adani Saur Urja (LA) Ltd has received a letter of award from Uttar Pradesh Power Corp. Ltd (UPPCL) for procuring 1,250 MW of energy storage capacity from Pumped Hydro Storage Projects.

Besides this, the company was also in the news for receiving a tax demand order from the Office of Joint Commissioner of Central Tax, Lucknow, alleging an excess claim of Input Tax Credit (ITC) for the financial year 2020-21. The demand amounts to ₹3.59 crore, which includes a penalty of ₹32 lakh.

Premier Energies (▼ 10.1%)

The six-month lock-in period for anchor investors in Premier Energies ended on February 28, allowing as many as 10.6 crore shares to be available for trading on the stock exchanges. These shares amount to 23% of the company's outstanding equity.

Waaree Energies (▼ 4.1%)

Waaree Energies received an order for the supply of solar modules for 410 MWp from a wholly owned subsidiary of Aditya Birla Renewables, which is engaged in the business of owning, developing, and operating renewable power projects in India.

Separately, Waaree Energies also informed exchanges on Wednesday that the Assistant Commissioner of State Tax, Mumbai, has initiated an inspection on the company and its subsidiary, Waaree Renewable Technologies. The company said that it was cooperating by submitting the requested operational details, although the reason for the inspection remained unclear.

Acme Solar Holdings Ltd (▼ 0.97%)

ACME Solar Holdings CEO Nikhil Dhingra told media this week that the company will incur a capital expenditure of ₹15,000 crore to ₹17,000 crore for green energy projects by the end of the financial year 2025-26. The company added that it further aimed to achieve a target of 10 GW by 2030.

KPI Green Energy Ltd (▼ 5.5%)

Earlier this week, on Tuesday, the Gujarat-based solar power producer announced that its parent company, KP Group, has signed an MoU with the New and Renewable Energy Department of the Madhya Pradesh government to develop 1.8 GW of renewable energy projects in the state.