On Friday, shares of Adani Green Energy witnessed a notable uptick following the announcement of two significant business milestones. The stock surged by 1.68%, reaching ₹975.80 on the Bombay Stock Exchange (BSE). This positive movement was fueled by exciting updates regarding new projects and contracts that promise to enhance the company’s renewable energy portfolio.

Key Business Developments

Major Contract Win in Uttar Pradesh

Adani Renewable Energy Holding Twelve Ltd, a fully-owned subsidiary of Adani Green Energy, secured a Letter of Award (LOA) from the Uttar Pradesh Power Corporation Ltd (UPPCL). This contract involves supplying a substantial 400 MW of solar power from a grid-connected solar photovoltaic project planned in Rajasthan. The agreement is set at a competitive tariff of ₹2.57 per kWh over a period of 25 years, marking a significant step in the company’s expansion in the renewable sector.

New Power Plant Commissioned in Gujarat

In another exciting development, Adani Green Energy announced that its subsidiaries have successfully operationalized a total of 396.7 MW of renewable energy projects in Khavda, Gujarat. The breakdown of these projects is as follows:

• Adani Renewable Energy Fifty Six Limited: 200 MW Solar Power Project
• Adani Renewable Energy Forty One Limited: 109.2 MW Wind Energy Project
• Adani Green Energy Twenty Four A Limited: 87.5 MW Solar Power Project

With these new projects, Adani Green Energy has now increased its total operational renewable generation capacity to an impressive 13,487.8 MW.

Stock Performance Overview

The share price of Adani Green has shown remarkable resilience, rallying 25% over the past month. However, it’s important to note that the stock has experienced a 8% decline year-to-date (YTD). Looking back over the last six months, shares have fallen by 51%, while the overall decline over the past year stands at 47%. Despite these fluctuations, Adani Green has achieved a staggering 550% return over the last five years, highlighting its long-term growth potential.

As of 11:35 AM, Adani Green shares were trading modestly up by 0.16% at ₹961.15 on the BSE, reflecting the market’s optimistic outlook towards its future endeavors.

Conclusion

Adani Green Energy is making significant strides in the renewable energy sector with its recent contract wins and project commissions. As the company continues to expand its operational capacity, investors are keenly watching its stock performance, which has shown both resilience and remarkable growth over the years. For those interested in the renewable energy market, Adani Green represents a compelling opportunity worth exploring.