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Adani Green rallies 10% on becoming largest solar power generation company

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NEW DELHI: Shares of Adani Green advanced 10 per cent in Wednesday’s trade after the firm said it has been ranked as the largest solar power generation company in the world by Mercom Capital.

Mercom Capital Group is a clean energy communications and consulting firm.

As per Mercom Capital’s study, Adani Green’s solar portfolio stands at 12.32 gigawatts now, which exceeds the total installed capacity of the US in 2019. It is also ranked as top player in terms of 10.1 gigawatts of projects under construction, it said.

Following the development, the stock rose 10 per cent to hit a high of Rs 560 on BSE.

The company, which went public in 2018, established its first solar project in 2015. It had completed just two solar projects till 2017.

“In terms of under construction and awarded capacity, Mercom Capital further gives top position to Adani Green with 10.1 GW of projects largest solar player in the world in a short span of just 5 years, with a target to achieve an installed generation capacity of 25 GW of renewable power by 2025,” the company said.

Chairman Gautam said he anticipates that over the next decade several existing business models will be impacted as a result of the disruption caused by the intersection of plummeting cost of renewable energy and the ability of technology to rescale industries.

“We expect our renewable energy platform will create new possibilities for our core business,” he said.

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