Adani Green Energy Wins 400 MW Solar Project from UPPCL

Adani Green Energy Limited (AGEL), one of India’s leading renewable energy companies, has been awarded a major solar project by the Uttar Pradesh Power Corporation Limited (UPPCL). The Letter of Award (LOA), received on March 27, 2025, was granted to AGEL’s wholly-owned subsidiary, Adani Renewable Energy Holding Twelve Ltd.

The contract enables the company to supply 400 megawatts (MW) of solar power to UPPCL over a 25-year period, further contributing to India’s efforts in expanding its renewable energy portfolio.

Project Details and Tariff Structure

The proposed solar energy will be generated through a grid-connected photovoltaic (PV) power project, which is planned to be developed in Rajasthan—a state known for its high solar irradiance and suitability for solar farms.

The tariff for this long-term agreement has been set at ₹2.57 per kilowatt-hour (kWh), a competitive rate in the Indian solar energy landscape. This fixed tariff is expected to provide cost predictability for UPPCL over the duration of the agreement.

Reinforcing Renewable Energy Commitments

Adani Green Energy stated in its exchange filing that this development aligns with the company’s broader vision to increase renewable energy capacity and accelerate India’s transition towards clean energy.

While the project adds to AGEL’s growing portfolio, it also supports Uttar Pradesh’s energy security and contributes to the national solar mission.

The company has clarified that neither the promoter nor the promoter group has any personal or financial interest in UPPCL, ensuring transparency in the deal.

Market Response and Stock Movement

As of 12:26 PM on March 28, 2025, Adani Green Energy share price was trading at ₹957.50, reflecting a modest 0.20% decline during the day. The stock has seen an 8% drop so far in 2025.

Conclusion

The awarding of this 400 MW solar project marks another milestone for Adani Green Energy as it continues to secure large-scale renewable energy contracts. While the financial markets may not have reacted strongly in the short term, the project adds strategic value to the company’s long-term growth in the clean energy sector.

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