Shares of Adani Green Energy Ltd (AGEL) surged 3% at ₹1,563.70 apiece on BSE after the Adani Group company signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. In the past week, the share has risen 2.69%, while it gained 48.56% in a month. In the past 6 months, the stock has risen 61.50%, but dipped in YTD period and past year at 17.19% and 16.67% respectively.

AGEL has said in an exchange filing that it has finalised a PPA with SECI to supply 1,799 MW of solar power over a 25-year duration. This agreement signifies the completion of AGEL's power procurement arrangements for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI in June 2020, establishing a world record for the largest solar tender, the release notes.

AGEL has established photovoltaic (PV) cell and module manufacturing facilities with a total capacity of 2 GW, including a commissioned plant in Mundra, Gujarat. The operation of this manufacturing plant is overseen by AGEL's associate company, Mundra Solar Energy Ltd (MSEL), which possesses an annual capacity of 2 GW. AGEL holds a 26% stake in MSEL through its wholly-owned subsidiary, Adani Renewable Energy Holding Four Ltd.

With this recent PPA, AGEL has now secured agreements for a cumulative 19.8 GW, leaving a remaining merchant capacity in its 20.6 GW locked-in portfolio.Furthermore, AGEL has successfully acquired over 200,000 acres of land in India, fully mitigating risks for the execution of its 45 GW capacity plan by 2030.

CEO Amit Singh said that the companay aims to deliver over 45 GW of renewable energy, representing a significant five-fold increase from its existing operational portfolio. This aligns with India's broader target of achieving 500 GW of non-fossil fuel capacity by 2030.

“Aligned to India's target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver in excess of 45 GW renewable energy, a five-fold increase from our current operating portfolio. This reaffirms our resolve to provide affordable and accessible clean energy,” Singh adds.

photovoltaic

Adani Green signs 1,799 MW solar power deal with SECI; stock rises 3%