Adani Power rose 1.62% to Rs. 37.60 after the company's subsidiary Pench Thermal Energy (MP) signed a power purchase agreement (PPA) with MP Power Management Company (MPPMCL).
MPPMCL is a government of Madhya Pradesh Undertaking. The PPA is for procurement of 1230 MW of electricity on long term basis from a new power station of 1320 MW capacity to be set up on Super Critical technology in the State of Madhya Pradesh. The announcement was made after market hours yesterday, 27 May 2020.
The power station will be on design, build, finance, own and operate (DBFOO) basis by sourcing fuel from the allocated coal linkage under the 'SHAKTI Policy', and the arrangement has been duly approved by MP Electricity Regulatory Commission.
Adani Power is engaged in providing electric power generation by coal-based thermal power plants and coal trading.
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