New Delhi: Adani Green Energy (AGEL) saw a 5 per cent surge in its shares to hit record high on Monday, even when the market is weak. The surge comes after its subsidiary Adani Renewable Energy Holding Fifteen Limited (AREHFL) secured the order of a new wind power project. AREHFL received the letter of award (LOA) for a new 300 MW wind project.
This development gave a boost to the Adani Green share price which was locked in 5 per cent upper circuit at Rs 1,251.05. In the first hour of trade so far, the stock hit the record high of Rs 1,251.05 and a low of Rs 1,233.40. The share previously closed at Rs 1,191.50.
There was surge in volume as well, as 28,000 shares changed hands over the counter as compared to two-week average of 32,000 scrips on the Bombay Stock Exchange.
Adani Green shares were trading 5 per cent higher at National Stock Exchange also with price at 1,252.20 against previous close of Rs 1,192.60.
Adani Green in their exchange filing on Monday stated that their subsidiary AREHFL had participated in the tender issued by SECI for setting up a 1,200 MW ISTS-connected Wind Power Project (Tranche-X). The fixed tariff for this project capacity is Rs 2.77/kWh for a period of 25 years.
This new project has sent AGEL’s total renewable capacity to 15,165 MW, out of which plants of 3,395 MW renewable energy are operational and projects of 11,770 MW are under implementation.
Vineet S. Jain, MD & CEO, Adani Green Energy commented on this development by saying, “Wind energy forms an essential part of our business approach and is expected to continue a vital contribution to our growth plans. This award of 300 MW Wind Power Project is in line with our commitment to ramp up creation of a sustainable ecosystem for transitioning towards a greener future.”
On Saturday, the company signed a share purchase agreement for acquiring 100 per cent stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global. The acquisition will cost approximately ₹317 crore, subject to closing adjustments, as per a regulatory filing.
