Adani Green Energy Limited (AGEL) became the first largest pure solar power developer in India to be listed on Indian stock markets. The company was formed following a de-merger from its parent Adani Enterprises — a conglomerate with interests in several infrastructure-related markets. For every 1000 shares of Adani Enterprises held, a shareholder received 761 equity shares.
AGEL had an installed renewable energy capacity of 1,768 megawatts in January 2018, including 1,708 megawatts of solar and 60 megawatts of wind energy capacity. The company also had 420 megawatts of solar and wind energy capacity at various stages of development.
Being part of a large industrial conglomerate helped AGEL grow to such a scale by the time of listing. The company operates India’s largest solar power project — 648 megawatts — in the state of Tamil Nadu.
The revenue stream for the company seems healthy for the moment as the entire capacity is linked to 25-year power purchase agreements. At the end of trading hours on June 29th, 2018, AGEL had a market capitalization of Rs 40.47 billion ($591 million).
Reference- Adani website, Cleantechnica, moneycontrol.com, economic times