Shares of Adani Power surged 6.7% on Monday after the company received a Letter of Award (LoA) from the Uttar Pradesh Power Corporation Ltd (UPPCL) to supply 1500 MW of electricity over 25 years.
The contract pertains to a new 1600 MW (2×800 MW) ultra-supercritical thermal power project proposed to be developed in Uttar Pradesh. Adani Power’s stock closed at ₹546.60, up from ₹512 on the previous trading day. The company stated in a regulatory filing that it emerged as the lowest bidder in a competitive tender, offering a tariff of ₹5.383 per unit.
The project will be executed under the state’s Design, Build, Finance, Own and Operate (DBFOO) model. The company plans to invest approximately $2 billion to set up the power plant, which aims to be low-emission and high-efficiency, aligning with cleaner thermal generation norms. CEO S.B. Khyalia confirmed that the project will commence electricity supply by FY 2030.
“This project strengthens our long-term commitment to sustainable and reliable power generation for India’s largest state,” he said in a statement.
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Adani Power Secures 1500 MW Thermal Project from UP Govt
