Adani Green Energy Commissions 250 MW Solar Power Plant In Rajasthan
With this, AGEL’s total operational renewable energy capacity has increased to 12,841.1 MW.
Adani Green Energy Ltd. announced on Thursday that its wholly-owned step-down subsidiary, Adani Green Energy Twenty Four Ltd., has commissioned a 250-megawatt solar power project at Bhimsar, Rajasthan.
With the commissioning of this plant, AGEL’s total operational renewable energy capacity has increased to 12,841.1 MW, according to the exchange filling. The company decided to commission the plant on Friday after receiving the necessary clearances.
Earlier this month, AGEL commissioned another 250 MW solar power project at Kadapa, Andhra Pradesh, through its wholly-owned step-down subsidiary, Adani Solar Energy AP Eight Private Ltd. This development, announced on March 11, had raised the company’s operational renewable generation capacity to 12,591.1 MW at the time.
Meanwhile, Cantor Fitzgerald Research initiated coverage on AGEL on Monday with an ‘overweight’ rating and a target price of Rs 1,222. The brokerage highlighted AGEL’s position as India’s largest renewable energy company, with a portfolio of 11.6 gigawatts across solar, wind, and hybrid power plants.
It noted that as India moves toward reducing carbon emissions and achieving net-zero targets, AGEL’s growth trajectory makes it an attractive investment. The company aims to expand its operational capacity to over 50 GW by 2030, a fourfold increase from its current level, with growth expected to accelerate over the next five years.
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AGEL stock rose as much as 1.73% during the day to Rs 927 apiece on the NSE. It was trading 1.08% higher at Rs 921 apiece, compared to an 1.24% advance in the benchmark Nifty 50 as of 3:09 p.m. The relative strength index was at 57.43.
Five out of the six analysts tracking the power company have a 'buy' rating on the stock, and one suggests a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 1,304, implying a potential upside of 42.2%.
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