Shares of Adani Green Energy were trading 1% higher on Friday, 28 March, after the company’s wholly-owned subsidiary, Adani Renewable Energy Holding Twelve Ltd, secured a project from Uttar Pradesh Power Corporation Limited.
In its regulatory filing, the company said that they have secured a Letter of Award (LoA) granting the company’s subsidiary the rights to supply 400 megawatts (MW) of solar power to Uttar Pradesh Power Corporation Limited for a period of 25 years.
Solar power would come from a grid-connected solar photovoltaic (PV) power plant that is under development in Rajasthan. The power supply has been set at a fixed price of Rs 2.57 per kWh.
The order supports the nation’s growing solar power capacity and raises Adani Green Energy’s profile in the renewable energy sector, per an exchange filing.
The company confirmed that neither the promoter nor the promoter group have any interest in Uttar Pradesh Power Corporation Limited.
Adani Green Energy is a leading global player in the renewable energy sector, specializing in the development and operation of solar, wind, hybrid, and hydropower plants across India. With India’s largest operational renewable portfolio of 11.7 GW, AGEL is dedicated to expanding its capacity to 50 GW by 2030, reinforcing its commitment to sustainable energy solutions.
However, at 12:47 pm, the shares of Adani Green Energy shed all their early gains and were trading 0.28% lower at Rs 957.20 on NSE.
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