SECI Pact Boosts Adani Green Shares 8%

14 Mar 2024 , 11:20 AM

On March 14, the day after its subsidiary inked a power purchase deal with Solar Energy Corporation of India (SECI) for 534-MW solar power projects, shares of Adani Green Energy rose over 8% at opening on the NSE. The stock was trading at ₹1,866.15, as of 11:00 a.m.

Power purchase agreements (PPAs) for the supply of 534 MW of solar power projects have been signed by Adani Green Energy’s subsidiary Adani Renewable Energy Fifty Nine Limited with Solar Energy Corporation of India (SECI), according to a regulatory filing. Adani Green Energy now has a portfolio of renewable energy projects with a combined capacity of 21,778 MWac following the conclusion of these PPAs.

Adani Green Energy announced a 149% year-over-year rise in consolidated net profit in Q3FY24, from ₹103 Crore to ₹256 Crore. EBITDA increased by 40% YoY to ₹1,638 Crore within the same period, while revenue increased by 40% YoY to ₹1,765 Crore. Adani Green Energy has announced that it has operationalized a 1,000 MW solar energy cumulative capacity at Khavda, Gujarat.

For feedback and suggestions, write to us at [e-mail]