Adani Green Shares To Remain In Focus After Christmas Holiday On Execution Of 1,799 MW Solar PPA

The share price of Adani group firm Adani Green Energy will remain in the limelight on Tuesday (December 26) as the renewable energy firm has executed a power purchase agreement with Solar Energy Corporation of India to supply 1,799 MW of solar power. In an exchange filing on December 25, the company announced the execution of a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL has completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world's largest solar tender.

"AGEL has advanced on the commitments of the SECI manufacturing-linked solar PV tender, including setting up 2 GW of PV cell and module manufacturing facilities. AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum through its associate company Mundra Solar Energy Ltd (MSEL). The plant is located at Mundra, Gujarat," said the company in an exchange filing.

AGEL holds 26% shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd. With this, Adani Green now has tied up PPAs of 19.8 GW and the balance is merchant capacity in its 20.6 GW locked-in portfolio. With over 2 Lacs acres of land already tied up in resource-rich areas of India, the portfolio is fully de-risked for execution of 45 GW capacity by 2030.

Commenting on this development, Amit Singh, CEO, Adani Green Energy Ltd said, "Adani Green is committed to not only enabling India's decarbonization goals but also contributing towards the Atmanirbhar Bharat vision. We are glad to conclude the largest green PPA and enable a sustainable energy landscape. Aligned with India's target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver in excess of 45 GW of renewable energy, a five-fold increase from our current operating portfolio. This reaffirms our resolve to provide affordable and accessible clean energy."

AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.

Most Adani group stocks ended in the green on Friday. The share price of Adani Green Energy last closed 0.93% higher at Rs 1533.95 per share. Adani Total Gas settled 1.60% higher at Rs 1000.30 per share, Adani Enterprises was up 0.21% at Rs 2807.40 per share, Adani Energy Solutions was up 0.12% at 1028.20, and Adani Ports was up 0.82% at Rs 1027.55 per share.