On September 16, 2024, Adani Power and Adani Green experienced a notable surge in their stock prices, each rising over 5%, following the award of a significant power supply contract from Maharashtra. The companies have secured a deal to supply a combined total of 6,600 megawatts (MW), with Adani Green responsible for providing 5,000 MW from its large-scale renewable energy park in Khavda, Gujarat, and Adani Power set to deliver 1,496 MW from a new thermal power project.

This contract was secured through a competitive bidding process initiated by Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL), which sought 1,600 MW of thermal power and 5,000 MW of solar power. The tender's terms allowed Adani Power to bid for both thermal and solar capacities, leveraging the complementary strengths of its group companies in these sectors. Adani Power's bid included a significant allocation of 5,000 MW of solar power on behalf of Adani Green, enhancing their joint competitive advantage.

The awarded solar capacity of 5,000 MW is the largest solar power contract granted globally since 2020. This achievement bolsters Adani Green’s position as a leader in the Indian renewable energy sector and enhances its global standing in renewable energy portfolios. In addition, the thermal capacity award to Adani Power represents one of the largest private sector awards in India in recent years.

The solar capacity is set to be delivered at a flat tariff of ₹2.70 per kilowatt-hour (kWh) for a duration of 25 years. These solar projects will be integrated into the Inter-State Transmission System and will be developed progressively over three years from the execution of the power purchase agreements with MSEDCL.

This contract is a testament to Adani Group's expanding role in both the renewable and thermal power sectors, reflecting its significant contributions to India's energy landscape and its continued growth in global energy markets.

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