Anil Ambani group stock Reliance Power gains 4% on ₹2,000 crore solar power project from Bhutan. Details here
Anil Ambani group stock Reliance Power hogged the limelight in trade on Monday, May 19, after the company announced entering into an agreement with Green Digital Private Limited, owned by the government of Bhutan, to develop the country's largest 500 MW solar power project through a 50:50 joint venture.
Following the project win, Reliance Power share price jumped nearly 4% in intraday trade today.
Reliance Power, in an exchange filing earlier today, said it has signed a commercial term sheet for a long-term power purchase agreement (PPA) with Green Digital Private Limited (GDL), owned by Druk Holding and Investments Limited (DHI), the investment arm of the Royal Government of Bhutan.
Under the agreement, Reliance Power and DHI will jointly develop Bhutan's largest solar power project through a 50:50 venture, with an installed capacity of 500 MW. The project entails a capital outlay of up to ₹ 2,000 crore under Build-Own-Operate (BOO) model, representing the largest private sector foreign direct investment (FDI) in Bhutan's solar energy sector to date, the Anil Ambani-owned company said in a filing.
Reliance Power's total clean energy pipeline stands at 2.5 GWp solar and over 2.5 GWhr BESS, making it India's largest player in the integrated Solar + BESS segment, the company claimed.
The project, which will be implemented in phased tranches over the next 24 months, is expected to redefine Bhutan's solar generation capacity, surpassing all current solar installations.
'The landmark solar investment in Bhutan underscores Reliance Group's strategic focus on expanding its renewable energy portfolio, while reinforcing its long-term commitment to strengthening India-Bhutan economic cooperation,' Reliance Power said in a filing today.
Reliance Power share price rose as much as 3.6% to the day's high of ₹ 46.72 on the BSE today. With today's gains, Reliance Power stock is up almost 16% in May. Meanwhile, in the last one year, the Anil Ambani group stock has gained as much as 77%.
According to Anshul Jain, Head of Research at Lakshmishree Investments, RPower is forming a 34-week-long flat base on the weekly charts, showing signs of bullish consolidation. Volume behaviour supports accumulation, with higher volumes on up weeks and lower volumes on down weeks, he said.
'The daily, weekly, and monthly moving averages are aligned positively, reinforcing the bullish structure. A breakout above the resistance level of 48.5 will confirm the pattern and is likely to propel the stock towards the 65 zone in the short term,' Jain added.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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