Adani Green Energy Subsidiary Secures 1,250 MW Pumped Hydro Storage Project from UPPCL

Adani Green Energy Ltd announced on Tuesday, February 25th, that its wholly-owned subsidiary, Adani Saur Urja (LA) Ltd, has been awarded a contract by the Uttar Pradesh Power Corporation Ltd (UPPCL) to procure 1,250 MW of energy storage capacity from Pumped Hydro Storage Projects. This development marks a significant step forward for the renewable energy giant.

The capacity was secured through an e-Reverse Auction conducted by UPPCL, with an annual fixed cost of ₹76.53 lakh per MW, excluding taxes, for a duration of 40 years from the commercial operation date (COD).

Adani Green Energy’s regulatory filing stated, “Adani Saur Urja (LA) Limited, a Wholly-owned Subsidiary of the Company, has received a Letter of Award (LOA) from Uttar Pradesh Power Corporation Limited (UPPCL) for procurement of 1,250 MW energy storage capacity from Pumped Hydro Storage Projects.”

The contract outlines that the fixed annual cost payable under the LOA is ₹76,53,226 per MW per annum (taxes extra) for the entire 40-year period from COD.

In recent financial performance, Adani Green Energy’s Q3 consolidated net profit surged by over 85% to ₹474 crore, compared to ₹256 crore in the same period last year. The company’s revenue from operations saw a 2.3% increase to ₹2,365 crore in Q3FY25, up from ₹2,311 crore in the previous year. However, the earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped by 4% to ₹1,601 crore, down from ₹1,666 crore the previous year. Consequently, the EBITDA margin declined to 67.7% from 72.1%.

Shares of Adani Green Energy Ltd closed at ₹840.35 on the BSE, up by ₹4.75 or 0.57%.