Adani Green Energy Limited (AGEL), one of India’s leading renewable energy companies, announced that its wholly-owned subsidiary, Adani Renewable Energy Holding Twelve Limited (AREH12L), has received a Letter of Award (LOA) from Uttar Pradesh Power Corporation Limited (UPPCL) for the development of a 400 MW solar power project in the state of Rajasthan. The project, which will generate power at a tariff of Rs. 2.57 per kWh, will supply electricity for a period of 25 years.

Key Details of the LOA Award

The LOA was received by Adani Green Energy Limited at 6:39 PM on March 27, 2025, and the project will be developed in accordance with the provisions of the tender floated by UPPCL. The project is expected to contribute significantly to the renewable energy capacity in India and is aligned with the company’s vision to become one of the largest renewable energy players globally.

Project Highlights:

• Entity Receiving Award: AREH12L, a wholly-owned subsidiary of Adani Green Energy Limited.

• Awarding Authority: Uttar Pradesh Power Corporation Limited (UPPCL).

• Project Capacity: 400 MW of solar power from a grid-connected solar PV project.

• Project Location: State of Rajasthan.

• Tariff: Rs. 2.57 per kWh.

• Duration: 25 years of power supply.

• Significance: Contributing to India’s renewable energy targets by increasing solar power generation capacity.

Impact of the Award on Adani Green Energy

The award of this project further strengthens Adani Green Energy's portfolio and reinforces its position as a leader in India’s renewable energy sector. The 400 MW project will enhance the company’s solar capacity and contribute to meeting the rising energy demands of Uttar Pradesh and neighboring regions.

With this addition, Adani Green Energy continues to make strides towards achieving its ambitious goal of installing 45 GW of renewable energy capacity by 2030. This project aligns with India’s commitment to increasing its share of clean energy and reducing its carbon footprint.

Strategic Importance of the Project

The Rajasthan solar project comes at a critical time when India is focusing on expanding its renewable energy capacity to meet its climate targets and ensure sustainable energy solutions. Adani Green Energy has been at the forefront of this transformation, and this project further consolidates its leadership position in the renewable energy space.

• Strengthening Renewable Portfolio: The 400 MW addition enhances Adani Green’s total capacity and aligns with India’s renewable energy goals.

• Long-term Revenue Generation: The 25-year supply agreement at a fixed tariff ensures a steady revenue stream for the company.

• Regional Economic Development: The project is expected to create job opportunities and boost the local economy in Rajasthan.

No Related Party Transactions Involved

Adani Green Energy has clarified that none of the promoters or the promoter group have any interest in UPPCL, the awarding entity. Additionally, the award of this project does not fall under the category of related party transactions.

Detailed Commercial Considerations

The LOA mandates the supply of 400 MW of solar power through a grid-connected solar PV power project developed in Rajasthan. The project’s commercial terms align with the tender issued by UPPCL, ensuring compliance with regulatory and industry standards. The tariff of Rs. 2.57 per kWh offers a competitive rate for clean energy, making it beneficial for both the company and the power purchaser.

Regulatory Compliance and Disclosure

The disclosure of this award was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring that the company maintains transparency with its investors. The details of the award, including the nature of the contract, duration, and financial implications, have been duly disclosed as per the requirements specified under SEBI regulations.

Future Prospects and Growth Strategy

The addition of this project reflects Adani Green Energy’s commitment to accelerating India’s transition to renewable energy. As part of its growth strategy, the company continues to pursue opportunities in solar, wind, and hybrid energy projects across the country. The successful execution of this project will not only increase the company’s renewable energy capacity but also strengthen its market presence.

• Expansion Plans: Adani Green Energy aims to add more renewable energy projects across India and abroad.

• Sustainability Goals: The company remains committed to achieving its sustainability goals and contributing to India’s renewable energy mission.

Conclusion

Adani Green Energy Limited’s latest achievement of securing the 400 MW solar project from UPPCL underscores its position as a key player in India’s renewable energy sector. The project’s development in Rajasthan will contribute significantly to India’s clean energy goals and strengthen Adani Green’s leadership in the solar energy space. The long-term contract ensures a stable revenue stream and reinforces the company’s vision of building a sustainable future.

With this project, Adani Green Energy takes another step forward in its mission to power a greener tomorrow, aligning with India’s commitment to clean and sustainable energy growth.

The Current active IPO are Aten Papers & Foam Limited, Infonative Solutions Limited,Spinaroo Commercial Limited,Retaggio Industries Limited,Identixweb Limited.

The Closed IPOs are  ATC Energies System Limited, Shri Ahimsa Naturals Limited, Desco Infratech Limited

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.