Shares of Adani Power Ltd fell 1% after hitting a day’s high of Rs 601.30 on 29th August, as the company informed the exchanges that it had received a Letter of Award (LoA) for a 25-year long-term procurement of electricity from Bihar State Power Generation Company Ltd.

Adani Power said it will supply electricity to Bihar State Power Generation Company Ltd (BSPGCL). This will be from a new 2,400 MW (800 MW x 3) ultra-supercritical thermal power plant to be set up at Pirpainti in Bhagalpur district.

BSPGCL awarded the LoA on behalf of North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL). A Power Supply Agreement (PSA) will be signed between the parties next.

Adani Power CEO SB Khyalia stated that the Pirpainti project will provide affordable and uninterrupted electricity to Bihar. It will support industrial growth, strengthen the state’s economy, and enhance the lives of its people. He added that the company is committed to building sustainable, high-efficiency power projects. Their goal is to secure India’s energy future.

At 11:20 AM, the shares of Adani Power were trading 0.80% lower at Rs 590.20 on NSE.

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