Shares of Adani Group companies soared in early trading today, with Adani Green Energy climbing 5.38% to Rs 1,894 and Adani Power rising 5.75% to Rs 669.75.
This uptick follows the announcement of a significant new contract with Maharashtra state DISCOM, under which the two companies will supply a combined total of 6,600 MW of hybrid solar and thermal power.
According to a joint statement released on Sunday, Adani Green Energy has been awarded a contract to provide 5 GW (5,000 MW) of solar power from the world's largest renewable energy park, currently under development in Khavda, Gujarat. Adani Power will supply 1,496 MW of thermal power from a new 1,600 MW ultra-supercritical thermal power project.
The agreement will see Adani Green Energy and Adani Power enter into separate Power Purchase Agreements (PPAs) with the Maharashtra State Electricity Distribution Company (MSEDCL) to deliver electricity to the state.
This deal enhances their presence in Maharashtra, a state whose power consumption is projected to reach 200 terawatt hours by 2028, with 32% expected to come from renewable sources.
The solar power contract, awarded at a flat tariff of ₹2.70 per kWh for a 25-year period, is the largest of its kind globally since 2020. The thermal power contract, the largest recent award in India for the private sector, involves a 25-year power supply agreement (PSA) with MSEDCL. The thermal power plant, utilizing ultra-supercritical technology, is expected to begin supplying power in stages, with Unit 1 starting three and a half years after the appointed date and Unit 2 four years later.
Sagar Adani, Executive Director of Adani Green Energy, said,” “We are glad to collaborate with MSEDCL to meet the states’ rising energy demand through renewable sources and fulfil its RE commitments. Our goal is to accelerate India’s clean energy transition. This is crucial to the country’s energy independence and building a sustainable future. Adani Green is well positioned to achieve the 50 GW target with secured resource-rich sites in strategic locations, a portfolio mix of renewables and storage solutions, a robust supply chain, and clear evacuation plans.”
On the other hand, Anil Sardana, Managing Director of Adani Power, remarked, “As India advances in achieving its economic growth targets while maintaining a keen focus on sustainability, the role of conventional power in helping stabilize the grid and supplying base load power assumes greater importance. Adani Power is proud to partner with a leading industrialised state like Maharashtra by becoming one of its key suppliers of reliable and competitive power from its existing and upcoming capacities while enabling it to integrate an ever-increasing quantum of renewable energy in its grid.”
