Adani Green Energy Wins Major 1,250 MW Storage Deal in Uttar Pradesh
Adani Saur Urja (LA) Limited, a subsidiary of Adani Green Energy, has received a major order from Uttar Pradesh Power Corporation Limited (UPPCL) for the 1,250 MW energy storage capacity project. The firm reported receiving the Letter of Award (LOA) through a regulatory filing, where the contract was obtained through an e-reverse auction held by UPPCL.
The successful project entails creating pumped hydro storage in Sonbhadra district at a cost of Rs 76,53,226 per MW annually, not including tax. The pact is designed to be valid for 40 years from the commercial operation date (COD), and completion is envisioned within six years. This is part of India's clean energy initiatives, where there is an emphasis on using renewable energy on the grid so that power will be available around the clock.
Hydro Pumped Storage Projects (PSPs) are identified as one of the most developed, scalable, and affordable energy storage technologies. They employ surplus solar energy during the day to pump water up a hill, which is later released to produce electricity during peak evening hours. Apart from being a green energy solution, PSPs offer essential advantages such as grid stability, frequency regulation, reserve generation, and flexible energy management.
Adani Green Energy has also been diversifying its portfolio with energy storage solutions in addition to its solar, wind, and hybrid projects. The company has already initiated work on a number of hydro PSP projects, including 500 MW at Chitravathi river in Andhra Pradesh, 1,500 MW at Tarali in Maharashtra, and 1,800 MW at Gandikota in Andhra Pradesh. With concrete plans to increase more than 5 GW of hydro PSP capacity by 2030, Adani Green is doubling down on its commitment to leading India's transition to renewable energy.
Simultaneously, Adani Power Limited, which is another Adani Group entity, declared receipt of a Letter of Intent (LOI) for the acquisition of Vidarbha Industries Power Limited. Adani Power had been the successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP), whose resolution plan had been approved by the Committee of Creditors. This further adds to the dominance of the Adani Group in the power segment.
After these declarations, Adani Green Energy's stock price settled at Rs 841.05 on Tuesday, up 0.60% from the last close. The firm's sustained investments in clean energy infrastructure are indicative of strong growth and long-term vision for sustainable power solutions in India.
With these strategic developments, Adani Power and Adani Green Energy are set to take center stage in defining India's energy future, connecting renewable generation with stable storage and distribution mechanisms to fulfill changing energy needs.
