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New Delhi: Shares of power and energy companies of billionaire businessman Gautam Adani's group saw a tremendous surge. Adani Power shares jumped up to 8 percent in early trade. In fact, Adani Group has won the bid to supply 6,600 MW bundled renewable and thermal power to Maharashtra in the long term.
Adani Group bid at Rs 4.08 per unit and left behind companies like JSW Energy and Torrent Power. By around 2.30 pm, Adani Power shares were trading at Rs 670.85 with a jump of 5.90 percent. At the same time, Adani Green Energy stock (Adani Green Energy Share Price) showed a jump of about 8 percent. It rose 7.39 percent to Rs 1,920 in early trade.
Both companies will supply power
quoted sources as saying that Adani Power will supply bundled renewable and thermal power to the Maharashtra government for the next 25 years. Adani Group's bid is about one rupee less than the cost that the Maharashtra government currently pays to buy electricity. This process will help Maharashtra meet its future power needs. Supply will start in 48 months from the date of giving the letter of intent.
Adani Power will supply 1,496 MW (net) thermal power from the new 1,600 MW ultra-supercritical capacity. Its subsidiary Adani Green Energy Limited will supply 5 GW (5,000 MW) of solar power from the Khavda Renewable Energy Park in Kutch district of Gujarat.
As per the bid terms, Adani Green Energy will supply solar power at a fixed cost of Rs 2.70 per unit during the entire supply period, while power from coal will be linked to coal prices.
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