Adani Power rallies after securing 1,500 MW contract in Uttar Pradesh
Adani Power zoomed 5.72% to Rs 542.85 after the firm said it has secured a contract to supply 1,500 MW of thermal power to Uttar Pradesh at a levelised tariff of Rs 5.383 per unit, emerging as the lowest bidder in a competitive tender process.
The power will be supplied from a greenfield ultra-supercritical thermal power plant with a 2x800 MW configuration (1,500 MW net capacity), which the company will set up in the state under the Design, Build, Finance, Own, and Operate (DBFOO) model.
The proposed project, with an estimated investment of around $2 billion (approximately Rs 16,600 crore), received formal clearance from the Uttar Pradesh cabinet earlier this month. Following the issuance of the letter of award (LoA) today, Adani Power is set to enter into a long-term power supply agreement (PSA) with Uttar Pradesh Power Corporation (UPPCL).
S B Khyalia, Chief Executive Officer, Adani Power, said, "We are happy to have won the competitive bid to supply 1,500 MW power to UP state and feel privileged to play a leading role in meeting the states rapidly growing power demand. We plan to set up a modern and low-emission Ultra-supercritical plant in UP and aim to begin supplying reliable and high-quality power by FY30."
Khyalia said Adani Power would invest $2 billion in setting up the plant and related infrastructure. The project is expected to generate direct and indirect employment of 8,000-9,000 during the construction phase and 2,000 once in operation.
This is the second major PSA bid the company has won in the last year, after receiving the composite 6,600 MW (1600 MW thermal and 5000 MW solar) LoI from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) in September 2024, which subsequently has been converted into a PSA.
Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The company has an installed thermal power capacity of 17,510 MW spread across eleven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.
The companys consolidated net profit declined 3.7% to Rs 2,636.97 crore in Q4 FY25 as against Rs 2,737.24 crore posted in Q4 FY24. Revenue from operations jumped 6.5% year on year to Rs 14,237.40 crore in Q4 FY25.
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