Adani Energy Solutions share price will be in focus when the Indian stock market opens on Thursday after the company announced entering into an agreement with textile company RSWM Ltd for the supply of Renewable Energy.
RSWM Ltd, the flagship company of LNJ Bhilwara Group, has signed an agreement with Adani Energy Solutions for supply of 60 MW of renewable energy to its multiple plant locations.
Under the agreement, will manage the entire green power value chain for the additional power requirement of RSWM Ltd. Towards this, RSWM invested ₹60 crore under the Group Captive Scheme with a renewable genco for the supply of 31.53 crore units of green power per annum to its manufacturing facilities across Rajasthan, Adani Energy Solutions said in a regulatory filing on November 5.
With this addition, the contribution of renewable energy in RSWM’s total energy requirement will rise from the current 33% to 70% in the near future (two thirds of its total energy mix), it added.
Adani Energy Solutions’ Commercial & Industrial (C&I) vertical serves bulk electricity users with customized energy solutions. The company is targeting a C&I portfolio of 7,000 MW over the next five years.
Adani Energy Solutions is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 26,705 ckm and 97,236 MVA transformation capacity.
Adani Energy Solutions Share Price Performance
Adani Energy Solutions share price has gained 7.5% in one month and more than 23% in three months. The Adani group stock has risen 9% in six months and has rallied 22% on a year-to-date (YTD) basis. Adani Energy shares have gained 29% in two years and have delivered multibagger returns of 236% in the past five years.
On Tuesday, Adani Energy Solutions share price ended 0.93% lower at ₹985.35 apiece on the .
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.