Shares of Adani Power Ltd surged almost 8% on 12 May after the company announced securing a power supply order from Uttar Pradesh Power Corporation.

In its regulatory filing, the company said, “Adani Power has received a Letter of Award (LoA) from Uttar Pradesh Power Corporation Limited (UPPCL) for procurement of 1,500 MW from a new thermal power project of 2x800MW (1600 MW) installed capacity situated in the State of Uttar Pradesh for a period of 25 years.” 

The company would supply power at an extremely competitive tariff of Rs 5.383 per unit from a greenfield 2×800 MW (1500 MW net) Ultra-supercritical power plant in the state that will be built under the design, construct, finance, own, and operate (DBFOO) model.

S.B. Khyalia, Chief Executive Officer, Adani Power, said, “We are happy to have won the competitive bid to supply 1,500 MW power to UP state and feel privileged to play a leading role in meeting the state’s rapidly growing power demand. We plan to set up a modern and low emission Ultra-supercritical plant in UP and aim to begin supplying reliable and high-quality power by FY30.”

Khyalia stated that the corporation would invest USD 2 billion in establishing the plant and associated infrastructure.

This is the second significant PSA bid won in the last year, following the receipt of a composite 6,600 MW (1600 MW thermal and 5000 MW solar) LoI from Maharashtra State Electricity Distribution business (MSEDCL) in September 2024, which was later converted into a PSA, the business said.

The company’s net profit fell 4% to Rs 2,637 crore in the March quarter, compared to Rs 2,737 crore in the same period last year, while its revenue from operations increased by 6.5 % to Rs 14,237 crore.

At 12:13 pm, the shares of Adani Power were trading 6.01% higher at Rs 542.75 on NSE.

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