Power consumption contract for Adani Green inks for an eco-friendly power supply with a capacity of 61.4 MW

Adani Green Energy Ltd has signed an agreement to supply green energy to commercial and industrial (C&I) customers. The Adani Group company on Thursday announced that it has entered into a Power Consumption Agreement (PCA) for the supply of green energy to customer C&I.

Adani Green Energy will supply green energy from a new 61.4 MW renewable power plant located in Khavda, Gujarat. The PCA was performed on October 3.

However, the company’s shares fell 5.7% on Thursday to hit a low of ₹1,776.55 per share on the BSE. At 2:40 p.m., the share price was down 5.16% at 1,787 pounds per share.

In September, Adani Green Energy announced a joint venture with Adani Renewable Energy Sixty Four Limited (ARE64L) and TotalEnergys Renewables Singapore Pte Limited (TotalEnergys). Under the agreement, French company TotalEnergys will invest approximately $444 million to set up a new 50:50 joint venture with Adani Green.

Read also: Adani Green and TotalEnergys finalize $444 million joint venture for solar projects in Gujarat

The joint venture will manage a portfolio of 1,150 MWac (megawatts of alternating current) of operational and development-stage solar assets. This portfolio will include both projects based on commercial agreements and power purchase agreements (PPAs).

Adani Green Energy’s operating capacity increased by 31% year-on-year (YoY) to 10,934 MW in Q1FY24, compared to 8,316 MW in Q1FY24. Power sales also increased by 22% YoY r, reaching 7,536 million units in Q1FY25, compared to 6,023 million units in the previous year.

The company’s solar portfolio achieved a capacity utilization factor (CUF) of 25.4%, with plant availability of 99.4%.

Last year, Adani Green Energy shares returned 84%. However, over the past six months, the company’s stock has fallen almost 5%. On a year-to-date (YTD) basis, Adani Green Energy shares are up almost 12% in 2024.