Adani Hydro Energy Five Ltd, a wholly-owned step-down subsidiary of Adani Green Energy Ltd., on Wednesday entered into a power purchase agreement with Uttar Pradesh Power Corp. for the supply of 1,250 megawatt energy storage capacity.
The energy will be supplied from a pumped hydro storage project.
The company did not disclose the monetary value of the deal in its stock exchange filing.
Last month, Adani Renewable Energy Holding Twelve Ltd., another wholly-owned subsidiary of Adani Green Energy, won a bid to supply 400 megawatt solar power to Uttar Pradesh for 25 years.
The company received the contract award letter from Uttar Pradesh Power Corp. for power from a grid-connected solar project, to be developed in Rajasthan at a tariff of Rs 2.57 per kWh.
The Adani Group is developing a 500 MW capacity solar park in Bhadla, Jodhpur and a 1,500 MW capacity solar park in Fatehgarh, Jaisalmer. The Fatehgarh Solar Park will be spread across an area of 9,981 acres with a total capacity of 1,500 MW.
In fiscal 2025, Adani Green Energy achieved a 28% year-on-year increase in energy sales, reaching 27,969 million units. The company's operational capacity grew by 30% to 14.2 GW.
The company had reported that over the past five years it maintained a compound annual growth rate of 45% in energy generation.
Shares of Adani Green Energy closed 1% higher at Rs 952.7 apiece on the BSE, compared to a 0.65% advance in the Sensex.
Out of seven analysts tracking the company, six maintain a 'buy' rating and one suggests 'sell,' according to Bloomberg data. The average of 12-month consensus price target implies an upside of 35%.
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