Adani Green Energy shares in news today as firm secures $400 million financing for solar projects

Shares of Adani Green Energy (AGEL) are in news today after the Adani Group firm said it has secured $400 million for the purpose of financing from a consortium of five international banks for its under construction solar projects of 750 MW in Gujarat and Rajasthan. These solar projects are likely to come online from November 2024 onwards, said the firm in a communication to bourses.

Adani Green Energy shares ended 0.58% lower at Rs 1787.20 in the previous session amid a marginal rally on Dalal Street. Adani Green Energy shares slipped 2.09% intraday to Rs 1760 on Thursday against the previous close of Rs 1797.65 on BSE. Market cap of Adani Green Energy fell to Rs 2.83 lakh crore. Total 0.71 lakh shares changed hands amounting to a turnover of Rs 12.60 crore.   

Despite yesterday’s correction, Adani Green Energy shares have gained 83.47 per cent in a year and risen 12 percent since the beginning of this year.

The large cap stock rose to a 52-week high of Rs 2016 on February 27, 2024 and fell to a 52-week low of Rs 816 on October 26, 2023.    

The Adani Group’s stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of Adani Green Energy which stands at 40. 6. Adani Green shares are trading higher than the 100 day, 150 day, 200 day and lower than the 5 day, 10 day, 20 day, 30 day and 50 day moving averages.

“One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world's largest RE cluster in Khavda, Gujarat,” said the firm.

The consortium of lenders includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.

Adani Green has an operational portfolio of 10,934 MW, largest in India, delivering reliable, affordable, and clean power to the national grid. AGEL's operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.