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Adani Power charges up 7% on securing 1,500 MW order from UP Power Corp
Adani Power share price: Shares of Adani Power gained 7 per cent, logging an intraday high at ₹549.65 per share on BSE. The upmove in the stock came after the company received a Letter of Award (LOA) from Uttar Pradesh Power Corporation for procurement of 1,500 MW from a new thermal power project.
At 9:22 AM, Adani Power shares were trading 6 per cent higher at ₹544.3 per share on the BSE. In comparison, the BSE Sensex was up 2.33 per cent at 81,309.34. The market capitalisation of the company stood at ₹2,09,933.19 crore. The 52-week high of the stock was at ₹896.75 per share and the 52-week low of the stock was at ₹430.85 per share.
In the past one year, Adani Power shares have lost around 14 per cent as against Sensex's rise of 9 per cent.
Adani Power order details
"This is to inform that Adani Power Limited has received a Letter of Award (LOA) from Uttar Pradesh Power Corporation Limited (UPPCL) for procurement of 1,500 MW from a new thermal power project of 2x800MW (1600 MW) installed capacity situated in the State of Uttar Pradesh for a period of 25 years," the filing read.
According to the provisions of the tender floated by UPPCL. The award was secured following a competitive bid submission process.
As part of the contract, Adani Power will supply power at a tariff of ₹5.383 per unit from a greenfield 2x800 MW (1500 MW net) Ultra-supercritical power plant to be set up under the design, build, finance, own, and operate (DBFOO) model in the state.
The company will now sign a long-term Power Supply Agreement (PSA) with Uttar Pradesh Power Corporation Ltd. (UPPCL) under the Letter of Award (LoA) received.
'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 state's 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,' said S.B. Khyalia, chief executive officer, Adani Power.
About Adani Power
Adani Power, 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.
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