September 16, 2024
New Delhi, India
Adani Shares
Shares of Adani Power Ltd and Adani Green Energy Ltd rose by 5% each in Monday’s trading session after both companies secured a Letter of Intent (LoI) to supply a combined 6,600 MW of hybrid solar and thermal power to Maharashtra State Electricity Distribution Co Ltd (MSEDCL). This development saw Adani Power’s stock rise to Rs 665.90 on the BSE, while Adani Green Energy’s shares hit Rs 1,870.
Key Details:
- Adani Green Energy will supply 5,000 MW of solar power from its Khavda project, marking the largest solar power capacity award globally.
- Adani Power will deliver 1,496 MW of thermal power from its new ultra-supercritical plant, the largest thermal capacity award in India.
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The two companies will sign separate contracts with MSEDCL for their respective supply components. The projects will be developed under a 25-year Power Supply Agreement (PSA) with MSEDCL, with power delivery expected to begin after 3.5 to 4 years.
The thermal plant, which will have an installed capacity of 1,600 MW, will be built using ultra-supercritical technology, while the solar power projects will operate under a fixed tariff of Rs 2.70 per kWh for 25 years.
Sagar Adani, Executive Director of Adani Green Energy, stated that the firm is well-positioned to meet its 50 GW target, leveraging strategic resource sites and a strong portfolio of renewables.
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