Adani Green’s Arm Commissions 75MW Wind Project; Shares Hit 52Wk High

Ahmedabad headquartered Adani Green Energy Ltd (AGEL) said that it has commissioned new 75 MW wind energy project through its subsidiary Adani Renewable Energy.

The project has been commissioned under the 25 year PPA with Maharashtra Discom MSEDCL at a tariff of Rs 2.85/kWh.

The company said in a filing to the stock exchanges that “Adani Renewable Energy (GJ) Ltd, a step down subsidiary of Adani Green Energy Ltd (AGEL) has commissioned its 75 MW wind power project having power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) at Rs 2.85/kWh for a period of 25 years.”

It further added that, the commercial sale of power from the project to MSEDCL is expected to commence w.e.f. January 01, 2020.

With this, 2.50 GWac of renewable energy projects are operational. The renewable energy developer company has an aggregate of 5.29 GWac portfolio of renewable capacity in the country, out of which 2.79 GWac of projects are under implementation.

By hitting a 52 week high, shares of Adani Green Energy were trading at Rs 183.50 a piece, up 4.98 percent, on Thursday at 12:29 p.m.

As per the media reports, shares of Adani Group surged nearly 300 percent from a level of Rs 44 on the Bombay Stock Exchange in the past year.

In another significant development, Adani Group’s aggressive moves in the dollar bond market have led to amplified interest for foreign investors in the Indian renewable energy space.

Recently, amortising green bonds worth USD 362.5 million issued by Adani Green Energy Ltd (AGEL) became the country’s first investment-grade offering from the nation’s renewable energy sector to global investors. It had a door-to-door maturity of 20 years, and a weighted average life of 13.47 years.