Shares of Adani Green Energy Ltd. closed nearly 4% down after touching a day’s high of Rs 1,868.60 on 3rd October, despite the company’s announcement of an agreement to supply green power to commercial and industrial (C&I) customers.

The firm announced today that it has entered a power consumption agreement (PCA) to supply green power to commercial and industrial (C&I) customers. The PCA was executed on 3rd October.

Green power will be supplied from a new 61.4 MW renewable energy plant in Khavda, Gujarat.

In September, Adani Green Energy formed a joint venture with Adani Renewable Energy Sixty Four Limited (ARE64L) and TotalEnergies Renewables Singapore Pte Limited (TotalEnergies). Under this agreement, TotalEnergies will invest around $444 million to create a 50:50 joint venture with Adani Green.

This JV will manage a portfolio of 1,150 MWac, including both merchant-based and PPA-based solar projects.

The company’s operational capacity rose 31% year over year to 10,934 MW in Q1 FY25, with energy sales up 22% year over year to 7,536 million units. The company’s solar portfolio achieved a 25.4% CUF with 99.4% plant availability.

So far in 2024, Adani Green Energy’s shares have surged by 13.36%. The company’s market capitalisation stands at around Rs 286,361 crore as of today.

At 3:30 PM, the shares of Adani Green Energy closed 3.88% lower at Rs 1,811.90 on NSE.

Unlock profitable opportunities every day! Unicorn Signals provides actionable intraday trading signals for stocks and futures. Don’t miss out – download Unicorn Signals and start winning now!