Adani Renewable Energy Holding Twelve Ltd., a wholly-owned subsidiary of Adani Green Energy Ltd., will 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, according to a stock exchange filing on Friday.
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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.
Adani Green Share Price Up
Adani Green share price advanced 1.2% intraday to Rs 971.6 apiece.
Adani Green share price advanced 1.2% intraday to Rs 971.6 apiece. The scrip was trading 0.8% higher by 10:08 a.m. The benchmark NSE Nifty 50 was down 0.2%.
The stock has fallen 47% in the last 12 months and 7% on a year-to-date basis. The total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 67.
Five out of six analysts tracking Adani Green Energy have a 'buy' rating on the stock, and one suggests a 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 35%.
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