Adani Green Energy signs largest deal with SECI
The deal takes a step ahead in becoming the world’s largest renewable energy company.
Adani Green Energy Ltd (AGEL), which is the world’s largest solar power developer, has yet again come into the limelight and is trending on Dalal Street as it has signed the world’s largest green power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). This renewable energy arm of the Adani Group would be supplying 4,667 MW of green power. The news made it a trending company since the magnitude of the PPA is unprecedented.
The second richest Asian and the chairman of Adani Group, Gautam Adani said, “The Adani Group has committed US$50-$70 Bn (Rs 3.75-Rs 5.25 trillion) of investment in the renewables space. This agreement keeps us well on track to our commitment to become the world’s largest renewables player by 2030.”
Back in June 2020, the energy giant had been awarded a solar tender of 8,000 MW by SECI, which was a record in itself as it was the world’s largest solar development tender ever awarded. According to the press release of the company, so far, AGEL has signed PPAs with SECI for a total generation capacity of close to 6000 MW of the 8,000 MW awarded in 2020. AGEL expects to close the balance of the 2000 MW PPA in the next two to three months.
AGEL is engaged in the business of renewable energy and aims to become the largest player in this space. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. It had a strong Q2 performance wherein it cloaked 235% growth in revenues QoQ and the EPS rose from 0.14 in the previous quarter to 0.55 in Q2.
The stock has a 52-week high of Rs 1,477.65 and a 52-week low of Rs 860.20. The stock is trading near the P/E level of 564.
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