Adani Green Energy shares hit a new lifetime high at Rs 1251.05 on Monday, driven by news that the company has won a 300 mw-wind power project.
The Gautam Adani-led company said Monday that its subsidiary, Adani Renewable Energy Holding Fifteen, won the project through the tender issued by the Solar Energy Corporation of India (SECI) for 1200 mw of inter-state transmission connected wind power projects (tranche-X). The project will sell electricity at a fixed tariff of Rs 2.77 a unit for a period of 25 years.
“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,” said Vneet S Jaain, managing directors and managing director, Adani Green Energy.
Reacting to the news, shares of the company rose to a 52-week high of 1,251.05 and were locked in 5% per cent upper circuit on BSE on Monday.
On Saturday, Adani Green announced that it has signed a share purchase agreement to acquire 100% stake in a 50 mw solar power project in Telangana, which is owned by the Toronto-headquartered SkyPower Global.
Adani Green aims to scale up its capacity to 25 GW by 2025 through organic and inorganic growth. Last week, the company said it has entered into a $1.35 bln-revolving finance facility with 12 global banks, which will provide it with the debt capital over a specified period of time. The financing will initially fund the company’s 1.69 gigawatts (GW) hybrid portfolio of solar and wind renewable projects to be set up in through four special purpose vehicles in Rajasthan.
