Premier Energies to NTPC Green: Here’s how renewable energy stocks performed this week

Renewable energy stocks took a major hit in the week ended February 14 on account of the massive selloff seen in the broader equity markets this week.

All the renewable energy stocks posted significant downfall during the week even as a few companies bagged new orders and announced expansion of business.

Adani Green Energy (YTD return: ▼15.02%)

The Sri Lankan government was seeking to lower the cost of the power generated through these plants. Last month, Sri Lanka said that it had begun talks with the Adani Group to trim the cost of power from the projects to about $0.06 per kilowatt-hour (kWh) or less, versus an earlier figure of $0.08.

NTPC Green Energy (YTD return: ▼15.99%)

This week, NGEL and state-owned Oil and Natural Gas Corp. Ltd (ONGC) announced that their joint venture company will acquire Ayana Renewable Power, which operates solar and wind plants. Ayana has been valued at $2.3 billion, including debt.

Premier Energies (YTD return: ▼28.92%)

Earlier this week, Premier Energies announced securing orders worth ₹1,234 crore to supply solar photovoltaic (PV) modules from two existing customers. The supply of these modules is scheduled to commence from April 2025.

In the December quarter, the company reported upbeat quarterly results; its revenue increased by 140.6% YoY to ₹1,713 crore, while net profit for the period stood at ₹255.2 crore, compared to 43 crore posted in the same quarter of FY24.

KPI Green Energy (YTD return: ▼23.54%)

KPI Green Energy on Monday said that its subsidiary Sun Drops Energia Pvt Ltd received letters of award (LoAs) to develop solar power projects with a cumulative capacity of 15.9 MW. The orders are under the captive power producer business segment of the company and are tentatively scheduled to be completed in FY 2025-26 in various tranches.

Waaree Energies (YTD return: ▼26.30%)

Waaree Energies Ltd announced earlier this week that it has begun commercial production of its 1.4 GW Monocrystalline PERC (Mono PERC) solar cells at the plant in Chikhli, Gujarat. The plant has a planned capacity of 5.4 GW, which will include 4 GW of high-efficiency TOPCon cells in the next phase.