Adani Power’s stock went up by 5.72%, reaching ₹542.85, after the company won a contract to supply 1,500 MW of electricity to Uttar Pradesh (UP) at a rate of ₹5.383 per unit.
The electricity will come from a new, highly efficient thermal power plant that Adani Power will build in UP. This plant will have a total capacity of 1,500 MW, with two units of 800 MW each. The project will be developed under the Design, Build, Finance, Own, and Operate (DBFOO) model.
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The project, which will cost about $2 billion (around ₹16,600 crore), received official approval from the UP government earlier this month. With the official award letter (LoA) given today, Adani Power is now set to sign a long-term power supply agreement with Uttar Pradesh Power Corporation Ltd. (UPPCL).
S B Khyalia, CEO of Adani Power, expressed happiness at winning the bid, saying, “We’re excited to supply 1,500 MW of power to Uttar Pradesh and support the state’s growing power needs. We plan to build a modern and eco-friendly power plant and aim to start supplying reliable power by FY30.”
The company will invest $2 billion to set up the plant, which will create 8,000 to 9,000 jobs during construction and 2,000 jobs once the plant is operational.
This is the second major power supply agreement Adani Power has secured in the last year. In September 2024, the company won a bid to supply 6,600 MW of power to Maharashtra, including both thermal and solar power.
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Adani Power is the largest private thermal power producer in India, with an installed capacity of 17,510 MW across 11 power plants in different states. They also have a 40 MW solar power plant in Gujarat.
Despite this success, the company’s net profit dropped by 3.7% in the last quarter of FY25, falling to ₹2,636.97 crore from ₹2,737.24 crore in the same period last year. However, revenue from operations grew by 6.5%, reaching ₹14,237.40 crore in Q4 FY25.
