Adani Green Energy stock gains after SECI approval for commercial operation of Mundra plant

Mundra Solar Energy (MSEL), an Adani Green Energy partner firm, has got the commercial operational date (COD) certificate from Solar Energy Corporation of India (SECI) for its Solar PV Cells and Solar PV Modules manufacturing facilities in Mundra, Gujarat. The facility has an annual capacity of 2.0 GW.

Adani Green Energy, through its wholly-owned subsidiary Adani Renewable Energy Holding Four (AREH4L), owns 26% of MSEL.

This manufacturing plant was established as part of a manufacturing-linked tender given to AREH4L, which is developing 8 GW of solar power production projects. SECI issued the certificate at about 12:40 PM on August 17, 2023.

Adani Green Energy Limited is a leading renewable company in India, focusing on a cleaner, greener future.

Established in 2015, AGEL develops, builds, owns, operates, and maintains utility-scale solar and wind farm projects, providing electricity to central and state government entities and government-backed corporations.

With long-term Power Purchase Agreements (PPAs) with government entities, AGEL has expanded its presence across many Indian states and deploys the latest technologies in its projects. AGEL is a holding company of several subsidiaries, primarily involved in renewable power generation and related activities within the Adani Group.

Adani Green Energy is currently trading at Rs 972.55, up by 39.55 points or 4.24% from its previous closing of Rs 933 on the BSE. The scrip opened at Rs 939.50 and touched a high and low of Rs 980.65 and Rs 939.50, respectively. So far 26128 shares were traded on the counter.

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high of Rs 2574.05 and a 52-week low of Rs 439.35. Last one week high and low of the scrip stood at Rs 980.65 and Rs 930.50, respectively. The current market cap of the company is Rs 147790.23 crore. The promoters holding in the company stood at 56.27%, while Institutions and Non-Institutions held 19.73% and 24.00%, respectively.

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