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Adani Power stock flies: Shares of Adani Power were in focus on Monday, September 16, 2024. The stock rose as much as 7.53 per cent to hit an intraday high of Rs 681.30 per share
Similarly, Adani Green Energy zoomed up to 7.39 per cent to hit an intraday high of Rs 1,920 per share.
The uptick in the share prices of these companies came on the back of securing a letter of intent (LoI) form Maharashtra state DISCOM for supply of 6,600 MW hybrid solar and thermal power.
In an exchange filing, Adani Power said, “Adani Green Energy Limited (AGEL), India's largest renewable energy company, will sign a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) under the Letter of Intent (LOI), for supply of 5 GW (5000 MW) solar power from the world’s largest renewable energy park being developed at Khavda in Kutch District of Gujarat, to Maharashtra state, as per the LOI awarded to Adani Power Limited as permitted under the tender conditions.”
Under the terms of the deal, Adani Green will supply 5 GW (5000 MW) solar power from Khavda while Adani Power will supply 1496 MW (net) thermal power from the new 1600 MW Ultra supercritical capacity. The solar capacity has been allocated at a flat tariff of Rs 2.70 per kWh for supply of power for a period of 25 years.
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Additionally, Adani Power and Adani Green to sign separate contracts with MSEDCL for their respective supply component as permitted under the tender conditions
“As India advances in achieving its economic growth targets while maintaining a keen focus on sustainability, the role of conventional power in helping stabilise the grid and supplying base load power assumes greater importance. Adani Power is proud to partner a leading industrialised 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,” said Anil Sardana, managing director, Adani Power.
At 10:19 AM, Adani Power was trading 5.86 per cent higher at Rs 670.70 while Adani Green was up 5.49 per cent at Rs 1,886 per share. In comparison, BSE Sensex was trading 0.22 per cent higher at 83,074.38 levels.
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