Adani Green commissions solar project, boosting capacity in Rajasthan

Adani Green Energy has launched a new solar power project in Rajasthan with a capacity of 250 megawatts (MW). This brings the company's total operational renewable energy capacity to 12,841.1 MW, up from 12,591.1 MW last week. Following the announcement, Adani Green's stock increased by 0.48% to ₹915.45. The new project, commissioned by a subsidiary of Adani Green, officially starts on March 21, 2025. The company had also recently opened another 250 MW solar project in Andhra Pradesh. Additionally, Adani Green activated an 83 MW project in Gujarat earlier this month. The firm has refinanced a significant loan of $1.06 billion, which it initially took out in 2021 for a major solar-wind hybrid project in Rajasthan. This refinancing has a long-term structure set for 19 years. Investment firms are positive about Adani Green's future. Emkay Global has recommended buying the stock with a target price of ₹1,500. They noted that despite recent challenges, the company anticipates adding 5 GW of capacity and still aims for a target of 50 GW by 2030. Cantor Fitzgerald also started coverage with an "overweight" rating, setting a price target of ₹1,222. The company is also focusing on energy storage solutions, winning a tender for a 1.25 GW storage capacity project that will last 40 years. This strategy aims to enhance its renewable energy ecosystem.