Adani Green Energy' subsidiary starts 37.5 MW solar power project in Gujarat’s Khavda

The Adani Green Energy stock has been trading over 50 percent lower in the last six months.

Adani Green Energy Ltd (AGEL) said on March 29 that its wholly-owned subsidiary, Adani Renewable Energy Fifty Seven Ltd, has commissioned a 37.5 MW solar power project at Khavda in Gujarat.

With the latest development, the company's total renewable energy capacity has risen to 13,737.8 MW, Adani Green Energy said in a regulatory filing on March 29.

A day earlier, AGEL secured a significant 400 MW solar power project in Rajasthan through its subsidiary, Adani Renewable Energy Holding Twelve Ltd. The project, awarded by Uttar Pradesh Power Corporation Ltd (UPPCL), will supply power to the state for 25 years at a tariff of Rs 2.57 per kilowatt-hour (kWh).

AGEL posted an 85 percent jump in consolidated net profit to Rs 474 crore for the December quarter, up from Rs 256 crore a year ago, driven by higher power supply revenue. Revenue from power sales rose to Rs 1,993 crore from Rs 1,765 crore in the same period last year.

The company’s operational capacity expanded by 37 percent year-on-year to 11,609 MW, with the addition of 3,131 MW of new power plants. AGEL accounted for 15 percent of India’s utility-scale solar installations and 12 percent of wind capacity additions in calendar year 2024.

Shares of the company ended 1.24 percent lower at Rs 948 in the previous session but have gained 22.4 percent over the past month. However, the Adani Green Energy stock has been trading over 50 percent lower in the last six months.