Adani Green’s Stock Surges 9% After Securing Power Purchase Deal with SECI

Adani Green’s stock saw a significant jump of over 9% on Thursday following the announcement of a power purchase agreement with Solar Energy Corporation of India (SECI). Adani Green Energy’s subsidiary, Adani Renewable Energy Fifty Nine Ltd, has inked deals with SECI for supplying 534 MW of solar power projects.

With these agreements in place, Adani Green Energy’s total renewable energy project portfolio now stands at 21,778 MWac capacity.

Earlier this month, Adani Green Energy operationalized 1,000 MW of solar energy capacity at the world’s largest renewable energy park in Khavda, Gujarat, bringing its operational capacity to 9,478 MW.

Adani Green’s stock faced a sharp decline of over 9% on Wednesday amidst a widespread market correction, with all Adani Group shares experiencing heavy selling pressure. However, it rebounded strongly on Thursday, along with other Adani Group stocks.

In the quarter ending December 2023, Adani Green Energy reported a consolidated net profit of ₹256 crore, marking a significant increase of 149% compared to the year-ago quarter. Revenue for Q3FY24 also rose by 40% year-on-year to ₹1,765 crore.

Over the past three months, Adani Green’s share price has risen by 24%, with a remarkable 165% return over the past year.

As of 12:30 pm, Adani Green shares were trading 7.88% higher at ₹1,862.60 apiece on the BSE.

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