Adani Power Share Price: Why Adani Group Stock Is Soaring Today?

Adani Power Share Price: Adani Power Ltd shares surged 5.86% on Monday to Rs 543.6, following the company’s announcement that it has secured a major power supply contract from the Uttar Pradesh government. The stock opened at Rs 545 and hit a high of Rs 552 during the day.

The company won a competitive bid to supply 1,500 MW of thermal power to Uttar Pradesh at a tariff of Rs 5.383 per unit. The power will be supplied from a new 2x800 MW Ultra-supercritical thermal power plant that Adani Power will set up in the state under the Design, Build, Finance, Own, and Operate (DBFOO) model.

The plant is expected to be operational by FY30, and Adani Power will sign a long-term Power Supply Agreement (PSA) with Uttar Pradesh Power Corporation Ltd. (UPPCL). The project will involve an investment of around $2 billion and is expected to create 8,000–9,000 jobs during construction and about 2,000 jobs once operational.

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"We are happy to have won the competitive bid to supply 1,500 MW of 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," said SB Khyalia, Chief Executive Officer, Adani Power, told ANI.

Khyalia said Adani Power would invest USD 2 billion in setting up the plant and related infrastructure.

This is Adani Power’s second major PSA win in less than a year. In September 2024, it secured a 6,600 MW composite power project (including 1,600 MW thermal and 5,000 MW solar) from Maharashtra State Electricity Distribution Company Ltd. (MSEDCL).

Adani Power (APL), a part of the Adani portfolio, is one of the largest private thermal power producers in India. The Company has an installed thermal power capacity of 17,510 MW spread across eleven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.