Shares of Adani Power and Adani Green surged up to 5% after the two Adani Group companies signed a long-term agreement with the Maharashtra State Electricity Distribution Company Limited (MSEDCL).
Adani Green Energy Limited (AGEL) and Adani Power Limited (APL) received a Letter of Intent (LOI) from MSEDCL to supply 6,600 MW of hybrid solar and thermal power. Under this contract, Adani Green will deliver 5,000 MW of solar power from its renewable energy park in Khavda, Gujarat, while Adani Power will supply 1,496 MW of thermal power from a new 1,600 MW ultra-supercritical thermal power plant.
As of 9:18 am, Adani Power’s shares were up 3.71% at Rs 657, while Adani Green’s shares were 3.54% higher at Rs 1,851.
This deal represents the world’s largest solar power capacity award since 2020 and is part of MSEDCL’s tender to procure 1,600 MW of thermal and 5,000 MW of solar power. Adani Power will enter a long-term Power Supply Agreement (PSA) with MSEDCL for the thermal capacity, and Adani Green will sign a Power Purchase Agreement (PPA) for the solar capacity, both spanning 25 years.
