Why This Adani Stock Is Climbing Today

Adani Green’s share price continued to make gains for the straight session on Tuesday going up over 2%.

What Happened: Adani Green Energy Limited announced on Monday that it has finalised a power purchase agreement (PPA) to supply 1,799 MW of solar power. This completes AGEL’s commitment to the 8,000 MW manufacturing-linked tender offered by the Solar Energy Corporation of India (SECI) in June 2020, the largest of its kind globally.

The Adani Group company has now fulfilled all its obligations under the SECI manufacturing-linked solar PV tender, which includes the establishment of 2 GW of PV cell and module manufacturing facilities. The company has already set up a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum via its associate company Mundra Solar Energy Ltd (MSEL), located at Mundra, Gujarat.

See Also: Most Anticipated IPOs Of 2024 In India: A Guide To Next Year’s Public Market Debuts

With this, the energy company now holds PPAs totalling 19.8 GW, with the remaining capacity in its 20.6 GW portfolio being merchant capacity. “Adani Green is committed to not only enabling India's decarbonization goals but also contributing towards the Atmanirbhar Bharat vision. We are glad to conclude the largest green PPA and enable a sustainable energy landscape,” said Amit Singh, CEO of Adani Green.

Earlier this month, the company made significant strides by securing a $1.4 billion loan to finance the world's largest renewable energy park. This loan, procured from a consortium of international banks, was directed towards constructing the green energy park at Khavda in western India.

Price Action: Adani Green’s share price was up 2.66% to trade at ₹1,573.95 as the markets opened on Tuesday.

Read Next: Ola Electric Seeks SEBI Approval For IPO, Plans To Raise ₹5,500 Cr

Loading...
Loading...

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsContractsMarketsMoversTrading IdeasAdani GreenAdani Group