Adani Green Energy wins 390MW at hybrid auction; Stock slips 2%

SB Energy has won 450MW at Rs2.67 per unit of electricity generated, while Adani Green Energy has won 390MW at the auction conducted by the Solar Energy Corporation of India, as per media reports.

Dec 06, 2018 05:12 IST India Infoline News Service

Adani Green Energy
SB Energy and Adani Green Energy (AGEL) have won a total of 840MW of the 1,200 MW put on sale at the first wind-solar hybrid auction, as per media reports.

SB Energy has won 450MW at Rs2.67/unit of electricity generated, while Adani Green Energy won 390MW at Rs2.69/unit at the auction conducted by the Solar Energy Corporation of India (SECI), the reports said.

These were the only two developers who put in bids in the auction, leaving the remaining 360MW with no takers.

Further, this is the second time SECI had conducted this bid. In the first attempt in May, there were no bidders at all. Hence, the auction was scaled down from 2,500MW to 1,200MW.

Meanwhile, shares of Adani Green Energy Ltd are currently trading at Rs45.70, down 1.93% from its previous closing of Rs46.60 on the BSE.

The scrip opened at Rs46.95 and has touched a high and low of Rs47.75 and Rs45.65 respectively.

The BSE group 'B' stock of face value Rs10 has touched a 52-week high of Rs77.60 on 07-Aug-2018 and a 52-week low of Rs22.75 on 02-Jul-2018. Last one week high and low of the scrip stood at Rs49.80 and Rs44.10 respectively.

AGEL had a renewable power generation capacity of 1,958MW, at the end of FY18. Of this, 1,898MW is solar power and 60MW is wind power. Power generation projects of the company are tied to 25-year long-term PPAs with NTPC, SECI, and some state discoms. The company also has 1.2GW of power capacity currently under implementation- with 250MW towards solar power and the balance towards wind power.

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