In a significant boost for the renewable energy sector, Adani Green Energy saw its share price leap by up to 7.39%, reaching an intraday high of Rs 1,920 per share. This surge follows the company's recent acquisition of a Letter of Intent (LoI) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 6,600 MW of hybrid solar and thermal power.
According to an exchange filing, Adani Power announced that Adani Green Energy Limited (AGEL) will enter into a long-term Power Purchase Agreement (PPA) with MSEDCL. This agreement will facilitate the supply of 5 GW (5000 MW) of solar power from the Khavda Renewable Energy Park in Gujarat to Maharashtra. The deal stipulates a flat tariff of Rs 2.70 per kWh for the solar power over a 25-year period.
In addition to the solar component, Adani Power will contribute 1,496 MW (net) of thermal power from its new 1600 MW Ultra Supercritical capacity. Both Adani Power and Adani Green will sign separate contracts with MSEDCL for their respective supply components as per the tender conditions.
Anil Sardana, Managing Director of Adani Power, highlighted the importance of this partnership, stating, “As India advances in achieving its economic growth targets while maintaining a keen focus on sustainability, the role of conventional power in helping stabilize the grid and supplying base load power assumes greater importance. Adani Power is proud to partner a leading industrialized state like Maharashtra by becoming one of its key suppliers of reliable and competitive power from its existing and upcoming capacities, while enabling it to integrate an ever-increasing quantum of renewable energy in its grid.”
At 10:19 AM, Adani Power was trading 5.86% higher at Rs 670.70, and Adani Green was up 5.49% at Rs 1,886 per share. In comparison, the BSE Sensex was trading 0.22% higher at 83,074.38 levels.
