Adani Green Energy arm commissions 250 MW solar power project in Rajasthan; stock up

Shares of Adani Green Energy Ltd, India's largest renewable energy company, were trading marginally higher after the Adani group company said a wholly-owned stepdown subsidiary -- Adani Green Energy Twenty Four -- commissioned solar power project of 250 MW at Bhimsar, Rajasthan. With commissioning of this plant, Adani Green's total operational renewable generation capacity has jumped to 12,841.1 MW from 12,591.1 MW last week, the Adani group firm said in a BSE filing.

"Based on the relevant clearances, it was decided at 11.56 a.m. on March 20, 2025 to commission the plant from March 21, 2025," Adani Green said.

The stock was trading 0.48 per cent higher at Rs 915.45. Last week, Adani Green announced commissioning of a solar power project of 250 MW in Andhra Pradesh. Adani Solar Energy Ap Eight Private Limited, a wholly-owned stepdown arm commissioned solar power project of 250 MW at Kadapa, Andhra Pradesh. Also this month, Adani Green Energy Twenty Five B, another arm, operationalised solar power project of 83 MW at Khavda, Gujarat.

Adani Green has recently refinanced its maiden construction facility with outstanding of $1.06 billion taken in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan. The long-term financing raised to refinance its construction facility has door-to-door tenor of 19 years with fully amortized debt structure emulating the underlying asset life, Adani Green recently told stock exchanges.

Emkay Global has recommended a 'Buy' on Adani Green Energy, citing continued growth momentum and attractive valuations. It suggested a target on Rs 1,500 on this Adani group stock. Cantor Fitzgerald recently initiated coverage on the stock with an 'overweight' rating, and a price target of Rs 1,222.

"Operationally, FY25 saw an extended and severe monsoon in Khavda, which affected project work, with stabilisation limiting CUF increase. Slowdown in power demand growth in H2 also impacted broader merchant rates. Nevertheless, the management is confident about cumulatively adding 5 GW, and the 2030 target of 50 GW remains intact," Emkay Global said.

"AGEL's focus on storage solutions is also increasing with BESS being included in the strategy. It recently won a PSP storage capacity tender of 1.25GW from UPPCL for 40 years, while hybrid MSEDCL and NHPC tender wins also add to the round-the-clock ecosystem," the brokerage added.