Adani Green Energy Commissions 150 MW Solar Project; Shares Dip 2.5%

9 Oct 2023 , 12:26 PM

Adani Green Energy experiences a 2.5% stock price decline in early trade on October 9 due to a weak domestic market. Adani Solar Energy Jaisalmer Two, an Adani Green Energy subsidiary, successfully commissions a 150 MW solar power project in Bikaner, Rajasthan. At the time of writing the stock was trading at Rs 943.20 which is a 1.92% drop than the previous day’s close.

The project commissioning allows Adani Solar Energy Jaisalmer Two to function as an independent power producer, enabling the sale of power to third parties or on power exchanges.

This commissioning elevates Adani Green Energy’s operational renewable generation capacity to 8,404 MW, progressing towards the company’s goal of 45 GW capacity by 2030.

Adani Green Energy shares have dropped by 57% in the past year, contrasting with Nifty 50’s 13.4% performance during the same period. Promoters hold 56.3% of Adani Green Energy shares, while FIIs own 18.3%, DIIs hold 1.5%, and the public possesses a 24% stake based on June’s shareholding records.

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