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

As value-buying helped the broader equity markets recover slightly in the week ended March 7 after the heavy selloff seen in the past few weeks, renewable energy sector stocks were the first in line to post a solid rebound.

All green energy stocks surged between 3% and 14% this week as investors picked up quality stocks that had taken a hit in the recent market correction.

Among the leading renewable energy players, Inox Wind gained the most this week with a rally of 13.69%. On the other hand, state-owned NTPC Green Energy gained 11% and Adani Green Energy surged over 8%.

Let’s take a detailed look at the top performers in the renewable energy space for the week ended March 7:

NTPC Green Energy Ltd (up 11.42%)

The stock price bounced back after declining over 17% in the preceding week when the 3-month lock-in period for anchor investors had ended on February 24. This freed up 183 million shares of the company, or approximately 2% of its total outstanding shares, for trade in the stock market.

Inox Wind (up 13.69%)

Inox Wind has bagged a 153 MW order from a leading renewable energy developer, which is a member of a large global clean energy company. This order is for the supply of 3 MW class turbines in Tamil Nadu. Additionally, Inox Wind will provide limited scope EPC (engineering, procurement and construction) for the project as well as multi-year operations and maintenance services after the commissioning of the turbines.

Adani Green Energy Ltd (up 8.11%)

The Adani Group stock settled at ₹837.20 apiece on the NSE on Friday, compared to the closing price of ₹774.40 apiece on February 28.

Earlier this week, Adani Green Energy said that it has refinanced its maiden construction facility, with an outstanding loan of $1.06 billion taken in 2021, to develop a solar-wind hybrid renewable cluster in Rajasthan. The company said that the long-term financing has a door-to-door tenure of 19 years with a fully amortised debt structure emulating the underlying asset life.

Premier Energies Ltd (up 7.69%)

Premier Energies has announced that it has decided to relocate its solar photovoltaic cell facility to Andhra Pradesh from its originally proposed site in Telangana. The decision marks a strategic shift in its manufacturing operations to enhance efficiency through backward integration. The company will now co-locate its silicon ingot and wafer manufacturing facility with its solar PV cell production.

Acme Solar Holdings Ltd (up 7.87%)

Acme Solar announced this week that it has planned capital expenditure of ₹17,000 crore by 2026 with a focus on hybrid and round-the-clock renewable capacities. The company is also evaluating entry in the nuclear energy segment, though these plans are at a drawing board level.

Further, the company’s CEO Nikhil Dhingra said Acme Solar Holdings aims to reach 7 gigawatts of renewable energy capacity by 2027-28, with plans to scale up to 10 GW in the near future.

KPI Green Energy Ltd (up 7.16%)

KPI Green Energy announced that it bagged orders aggregating to 9.40 MW for executing solar power projects. Out of 9.40 MW solar power projects, 5 MW capacity will be undertaken by the company and 4.40 MW capacity by KPIG Energia, a wholly-owned subsidiary of KPI Green Energy under the captive power producer (CPP) segment of the company. The projects will be completed in 2024-25 in various tranches.

Waaree Energies Ltd (up 3.13%)

The company has been struggling for the past couple of months as the future of the US market, which has historically helped its business, now remains uncertain. Waaree Energies was reportedly the first Indian manufacturer to tap into the US market and is the leading solar module exporter.