Adani Green Energy Gets Award Letter For 300-MW Wind Power Project; Stock Gains
The government has set an ambitious target of 175 GW of renewable energy capacity by 2022, including 100 GW of solar power and 60 GW of wind power capacities. (Photographer: Prashanth Vishwanathan/Bloomberg)

Adani Green Energy Gets Award Letter For 300-MW Wind Power Project; Stock Gains

Shares of Adani Green Energy Ltd. hit an upper circuit after its subsidiary received a letter of award for 300 megawatt wind power projects.

Adani Renewable Energy Holding Fifteen Ltd. had participated in a tender issued by Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system-connected wind power projects, according to an exchange filing. The fixed tariff for this project capacity is Rs 2.77 per kWh for a period of 25 years.

With this, Adani Green's total renewable capacity now stands at 15,165 MW, of which 3,395 MW renewable plants are operational and 11,770 MW projects are under implementation.

"Wind energy forms an essential part of our business and is expected to continue to give a vital contribution to our growth plans," according to Vneet Jaain, managing director and chief executive officer at Adani Green Energy.

Shares of Adani Green Energy are locked in an upper circuit of 5% and at an all-time high of Rs 1,252.2 apiece. The stock is up for the second straight session.

Separately, under similar tenders floated by the Solar Energy Corporation of India, JSW Energy's subsidiary — JSW Future Energy — has received letters of award for total wind capacity of 450 MW.

The company also announced over the weekend that it has signed definitive agreements with the Toronto-based SkyPower Global for acquisition of a 100% stake in a special purpose vehicle that owns 50 MW operating solar asset in Telangana.

The project was commissioned in October 2017 and has a long-term power purchase agreement with southern power distribution company of the state.

"The acquisition expands the company's footprints in a state where the company already has operational projects," JSW Energy said in a statement. The transaction will be completed for a cash consideration of Rs 317 crore.

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