Adani Power Limited witnessed a sharp 7% rally in its stock price on Monday after securing a 1,500 MW thermal power contract in Uttar Pradesh through a competitive bidding process.
Key Details of the Project
The power will be supplied from a greenfield ultra-supercritical thermal power plant with a 2×800 MW configuration (1,500 MW net capacity), which Adani Power will establish under the Design, Build, Finance, Own, and Operate (DBFOO) model.
The project, with an estimated investment of $2 billion (approximately ₹16,600 crore), received formal clearance from the Uttar Pradesh cabinet earlier this month. Following the issuance of the Letter of Award (LoA), Adani Power is set to enter into a long-term power supply agreement (PSA) with Uttar Pradesh Power Corporation Limited (UPPCL).
CEO’s Statement & Economic Impact
S B Khyalia, CEO of Adani Power, expressed confidence in the project, stating, “We are happy to have won the competitive bid to supply 1,500 MW power to Uttar Pradesh 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 and aim to begin supplying reliable and high-quality power by FY30.”
The project is expected to generate 8,000–9,000 direct and indirect jobs during the construction phase and 2,000 jobs once operational.
Adani Power’s Market Performance
Adani Power shares surged to an intraday high of ₹549.65 on the Bombay Stock Exchange (BSE) following the announcement. The company, India’s largest private thermal power producer, has an installed thermal power capacity of 17,510 MW across multiple states.
