Adani Green Unit Inks Power Consumption Agreement For Supply Of Green Power

Adani Green Energy Ltd.'s unit entered into a power consumption agreement for the supply of green power from a commercial and industrial customer.

Adani Renewable Energy Three Ltd. will supply the green power from a new 61.4 megawatt renewable energy plant, located in Khavda, Gujarat, it said in an exchange filing on Thursday. The PCA was executed on Oct. 3, the statement said.

French multinational TotalEnergies SE, last month, acquired 50% stake in an Adani Green Energy subsidiary for $444 million. Adani Renewable Energy Sixty Four Ltd. had entered into a joint venture with TotalEnergies Renewables Singapore Pte.

Adani Green Energy is set to achieve a five-fold increase in its installed capacity, targeting over 50 GW by fiscal 2030, according to Investec.

Last month, the brokerage initiated coverage on AGEL with a 'buy' rating and a target price of Rs 2,515 per share, implying a potential upside of 30.7% from the current market price.

This growth trajectory mirrors the company's previous performance, having expanded its capacity five times to approximately 11 GW from fiscal 2019 to fiscal 2024, the brokerage said.

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