Adani Power shares surged over 5% after winning a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra at Rs 4.08 per unit, beating competitors like JSW Energy. Adani Green Energy shares also jumped by over 7%, with plans to supply 5 GW of solar power from Gujarat's Khavda renewable energy park under a long-term agreement
Shares of Adani Power jumped over 5 per cent on Monday after the Adani group won a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra for the long term after its quote of Rs 4.08 per unit beat the likes of JSW Energy and Torrent Power.
The stock climbed 5.12 per cent to settle at Rs 666 on the BSE. During the day, it surged 7.53 per cent to Rs 681.30.
At the NSE, it soared 5.45 per cent to finish at Rs 668. Intra-day, the stock jumped 7.59 per cent to Rs 681.55.
Shares of Adani Green Energy also soared 7.67 per cent to settle at Rs 1,925 on the BSE. During the day, it zoomed 8.51 per cent to Rs 1,940.
At the NSE, it rallied 7.59 per cent to Rs 1,924. Intra-day, it went up by 8.58 per cent to Rs 1,941.65.
Adani Power's bid for the bundled renewable and thermal energy supply for 25 years was almost a rupee lower than the cost at which Maharashtra currently procures electricity and will help meet future electricity requirements of the state, two sources with direct knowledge of the matter said.
Supplies are to start in 48 months from the date of award of the letter of intent.
While Adani Power will supply 1,496 MW (net) thermal power from the new 1,600 MW ultra-supercritical capacity, its sister concern Adani Green Energy Ltd will supply 5 GW (5,000 MW) solar power from the Khavda renewable energy park in the Kutch district of Gujarat.
As per the bid conditions, Adani Green Energy will supply solar power at a fixed cost of Rs 2.70 per unit throughout the entire supply period, while that from coal will be indexed to coal prices.
India's largest renewable energy company, Adani Green Energy, "will sign a long-term power purchase agreement (PPA) with MSEDCL under the Letter of Intent (LOI) for supply of 5 GW (5,000 MW) solar power from the world's largest renewable energy park being developed at Khavda in Kutch district of Gujarat, to Maharashtra state, as per the LOI awarded to Adani Power Limited as permitted under the tender conditions," the statement said.