Adani Power Limited shares jumped by over 3 per cent on the Bombay Stock Exchange (BSE) on Monday after the company announced that it has received carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC) for phase III (consisting of two units of 660 Mw) of its 4,620 Mw power plant in Mundra, Gujarat.
The power producing arm of Adani Enterprises Limited is likely to earn Rs 600 crore in carbon credits trading over 10 years of operations, it informed in a statement filed with the BSE on Monday.
The plant is expected to generate about 1.8 million Certified Emission Reductions (CERs) each year. This makes Mundra plant the world’s first coal-fired power project to receive carbon credits, the statement said.
The company shares ended at Rs 42.35 on the BSE after hitting an intra-day high of Rs 42.55. The parent company, Adani Enterprises Limited zoomed by over 5 per cent during the day to trade at Rs 162.87 on BSE.
