Adani Green Energy Limited (AGEL) saw its shares climb over 3% in early trade after its subsidiary, Sixty Nine Limited, signed a significant Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Limited (UPPCL). The agreement entails the supply of 400 megawatts (MW) of solar power from a grid-connected photovoltaic (PV) project.
The solar project will be developed in Rajasthan, reinforcing Adani Green’s position as a leader in India’s renewable energy space. The project aligns with national and state objectives to boost clean energy adoption and reduce carbon emissions by decreasing reliance on fossil fuels.
This strategic agreement strengthens UPPCL’s renewable energy portfolio, helping it meet growing electricity demand sustainably. The 400 MW addition is expected to play a crucial role in Uttar Pradesh’s efforts to integrate more green power into its energy mix.
In the exchange filings, the company shared, “Adani Green Energy Sixty Nine Limited, a Wholly-owned step-down subsidiary of the company, has entered into a Power Purchase Agreement (“PPA”) with Uttar Pradesh Power Corporation Limited (“UPPCL”) for supply of 400 MW solar power from grid connected solar PV power project to be developed in the state of Rajasthan.”
Adani Green shares opened at ₹912.70, reaching a high of ₹936.65 and a low of ₹910.55 during the session. The stock remains significantly below its 52-week high of ₹2,174.10 but above the 52-week low of ₹758.00.
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