Shares of Adani Green Energy Limited (AGEL) were trading 7% higher and Adani Power Limited (APL) shares were trading 6% higher on 15 September after the two Adani group power firms, announced that the Maharashtra state DISCOM had given them a letter of intent to supply a total of 6,600 megawatt (MW) of hybrid solar and thermal electricity.

The largest renewable energy company in India, AGEL, has announced that it will enter into a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 5 GW (5,000 MW) of solar power from the world’s largest renewable energy park, which is currently under development at Khavda in Gujarat’s Kutch District.

The largest private thermal power producer in the nation, APL, announced that it would enter into a long-term Power Supply Agreement (PSA) with MSEDCL to supply Maharashtra with 1,496 MW (net) of thermal power from a new 1600 MW Ultra-supercritical thermal power facility.

The company said, “The solar capacity award of 5 GW is the world’s largest such award since 2020, bolstering AGEL’s leadership in India and as one of the largest RE portfolios globally. Similarly, the thermal capacity award is the largest in India in recent years to be awarded to the private sector.”

Adani Power and Adani Green will sign separate contracts with MSEDCL for their respective supply components as permitted under the tender conditions.

Adani Power knocked over JSW Energy, the second-lowest bidder, with a price of Rs 4.08 per unit and Maharashtra’s average procurement cost of Rs 4.70 per unit from the previous year.

The Maharashtra Electricity Regulatory Commission (MERC) approved an average power purchase cost of Rs 4.97 per kWh (unit) for 2024–25. The price is around Rs 1 per unit less than this amount.

For the delivery of 6,600 MW of power (5,000 MW from solar and 1,600 MW from thermal), bidders were requested to provide a single tariff.

At 12:56 pm, the shares of Adani Green were trading 7.13% higher at Rs 1,916.85 on NSE. 

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