Adani Power shares jumped 6% in early trade after the company secured a major contract to supply 1,500 MW (net) of thermal power to Uttar Pradesh. The project, awarded through a competitive bidding process, will follow the Design, Build, Finance, Own, and Operate (DBFOO) model. As of 9:26 AM, the shares were trading 6.45% higher at Rs 545.00.
The power will be supplied at a tariff of ₹5.383 per unit from a planned greenfield ultra-supercritical power plant (2×800 MW). The plant will be located within Uttar Pradesh and is expected to be operational by FY30, following recent cabinet approval. A long-term Power Supply Agreement (PSA) will soon be signed with Uttar Pradesh Power Corporation Ltd. (UPPCL), based on the Letter of Award (LoA) issued.
Adani Power plans to invest approximately $2 billion in building the plant and related infrastructure. The project is expected to generate 8,000–9,000 jobs during construction and 2,000 jobs during the operational phase.
This development comes amid a projected rise in Uttar Pradesh’s power demand by 11,000 MW by 2033–34, driven by rapid urbanization, industrial growth, and infrastructure development.
This marks Adani Power’s second major PSA win in the past year. In September 2024, the company secured a 6,600 MW supply agreement with Maharashtra, covering both thermal and solar capacity.
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