Adani Green gains 4% on commissioning 100-MW solar power plant in Gujarat

With this commissioning, AGEL's total operational renewable capacity has grown to 2,950 MWac
Shares of Adani Green Energy (AGEL) gained 4 per cent to quote at Rs 1,091 on the BSE in the early morning trade on Thursday after the company announced that its subsidiary Adani Solar Energy Kutchh Two Private Limited, has commissioned 100 MWac solar power project at Khirsara, Gujarat.

"The commissioning of project was ahead of its scheduled Commercial Operation Date (COD) according to its 25-year-long Power Purchase Agreement (PPA) with the Gujarat Urja Vikas Nigam India (GUVNL). The PPA is priced at Rs 2.44/kWh, as on 29 December, 2020," AGEL said in a press release.

With this commissioning, AGEL's total operational renewable capacity has grown to 2,950 MWac demonstrating a CAGR of 55 per cent since March 2016, it said. The company also said it has total renewable capacity of 14,195 MWac, including 11,245 MWac awarded and under implementation projects. It also targets commissioning of renewable capacity of 25 GW by 2025.

AGEL, a Adani Group Company, develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (NTPC) and Solar Energy Corporation of India (SECI) and various State Discoms.

At 09:39 am, AGEL was trading 3 per cent higher at Rs 1,082 on the BSE, as compared to an unchanged S&P BSE Sensex. The stock hit a record high of Rs 1,220 on November 24, 2020. A combined around 260,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel