Shares of Adani Green Energy (AGEL) surged 20% to Rs 2,405 on the NSE in intraday trade on Friday. Shares of Adani Group Power were up 13% at Rs 2,270 at 1 pm, while Nifty50 was up 1.6%. Average volumes on the NSE and BSE more than doubled, with a total of 3.8 million shares changing hands.

Despite today’s gains, AGEL has underperformed the market over the past month, down 7%, while the Nifty50 is down 4%. The stock hit an all-time high of Rs 3,048 on April 19, 2022. Spitze Trade and Investment Limited, one of the promoters of AGEL, acquired 4 million shares for Rs 935 crore, representing 0.25% of the company’s total share capital. The promoters bought shares in the company through the open market between September 15 and September 26, exchange data showed.

Meanwhile, AGEL announced on Thursday that it has commissioned ‘Hybrid’, the world’s largest 600 MW wind-solar hybrid plant in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.69/kWh.

Earlier, in May 2022, AGEL operated India’s first hybrid power plant with a capacity of 390 MW in Jaisalmer, Rajasthan. With the successful commissioning of the 600 MW plant, AGEL currently has a total operating capacity of approximately 6.7 GW, of which approximately 1 GW is mixed, the largest in the world. This brings AGEL’s total renewable energy portfolio to about 20.4 GW and is on track to achieve its vision of 45 GW of capacity by 2030, the company said.

AGEL has one of the largest renewable energy portfolios in the world, with a total portfolio of 20.4 GW, including assets in operation, under construction and awarded, to meet the needs of investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar, wind and hybrid power plants. AGEL’s major customers include SECI, the National Thermal Power Company (NTPC) and various State Discoms.