Gautam Adani-Backed Power Company Bags New Order From Uttar Pradesh Power Corporation Ltd
The LOA stipulates an annual fixed cost of Rs 76,53,226 per MW (plus taxes) for the entire 40-year contract period.
Adani Green Energy Limited (AGEL)'s wholly-owned subsidiary, Adani Saur Urja (LA) Limited, has been awarded a Letter of Award (LOA) by Uttar Pradesh Power Corporation Limited (UPPCL) for 1,250 MW of energy storage capacity. This capacity will be procured from Pumped Hydro Storage Projects and was secured through an e-Reverse Auction conducted by UPPCL. The LOA stipulates an annual fixed cost of Rs 76,53,226 per MW (plus taxes) for the entire 40-year contract period, commencing from the Commercial Operation Date (COD).
The LOA, awarded to Adani Saur Urja (KA) Limited, a wholly-owned subsidiary of AGEL, is for the procurement of energy storage capacity from Pumped Hydro Storage Projects. The contract, with a term of 40 years, aligns with the provisions of the tender issued by UPPCL. The substantial commercial consideration involves 1,250 MW of energy storage capacity. Neither the promoter, promoter group nor group companies of AGEL have any interest in UPPCL, the awarding entity.
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About Adani Green Energy Limited
Adani Green Energy Limited (AGEL) is India’s largest and one of the leading renewable energy companies in the world enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind, hybrid and hydro-pumped storage renewable power plants. AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India’s decarbonization goals. AGEL is focused on leveraging technology to reduce the Levelized Cost of Energy (LCOE) in pursuit of enabling large-scale adoption of affordable clean energy. AGEL’s operating portfolio is certified ‘water positive for plants of more than 200 MW capacity’, ‘single-use plastic free’ and ‘zero waste-to-landfill’, a testament to the company’s commitment to powering sustainable growth.
Disclaimer: The article is for informational purposes only and not investment advice.