Adani Green Energy Subsidiary Signs Power Purchase Agreement with SECI

Adani Green Energy, a prominent player in the renewable energy sector, saw a significant rise in its share price today after its subsidiary, Adani Renewable Energy Fifty Nine Ltd, sealed a power purchase agreement with Solar Energy Corporation of India (SECI).

The stock price experienced a surge of over 9% on the Bombay Stock Exchange (BSE), rebounding from the losses incurred in the previous trading session. This positive movement came shortly after Adani Green Energy’s announcement of the PPA with SECI for the supply of 534 MW of solar power projects.

Adani Green Energy shared that the agreement with SECI has enhanced the company’s renewable energy project portfolio, boosting its overall capacity to 21,778 MWac. Moreover, the company recently declared the operationalization of 1,000 MW solar energy capacity in Khavda, Gujarat, marking a significant milestone.

In the third quarter of the financial year 2023-24 (Q3FY24), Adani Green Energy showcased impressive financial performance. The company reported a consolidated net profit of ₹256 crore, marking a substantial 149% increase from the earnings of ₹103 crore in the corresponding quarter of the previous year. Revenue for Q3FY24 witnessed a year-on-year growth of 40%, reaching ₹1,765 crore.

Despite the recent correction in the market, Adani Green Energy shares have displayed resilience and continued to demonstrate an upward trajectory. The stock has observed a 24% increase in the last three months and an outstanding 165% return over the past year. As of midday, the shares were trading 7.88% higher at ₹1,862.60 on the BSE.