Adani Green Energy said on Wednesday that Adani Green Energy Twenty Five B Ltd has entered into a power consumption agreement and a tripartite agreement to supply 20.8 MW of solar-wind hybrid power to Asahi India Glass Ltd. The renewable power will be supplied from a 25 MW solar power unit and a 20.8 MW wind power unit, both located at Khavda, Gujarat, the company said in a regulatory filing.
Alongside the power supply arrangement, Adani Green Energy Twenty Five B Ltd and Adani Renewable Energy Holding Four Ltd have also signed an investment agreement with Asahi India Glass on January 7, 2026, in line with captive power generation norms.
Under the agreement, Asahi India Glass, as the captive user, has agreed to subscribe to a minimum 26% of the proportionate equity share capital of the project in one or more tranches to meet the minimum captive shareholding requirements prescribed under the captive rules.
As per the shareholding structure, Adani Renewable Energy Holding Four Ltd currently holds a 100% stake in the generator entity and is itself a wholly owned subsidiary of Adani Green Energy. Upon final phase completion, Adani Renewable Energy Holding Four Ltd will hold 98.78% equity in the generator, while Asahi India Glass will hold 1.22% equity with voting rights.
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The investment agreement grants Adani Renewable Energy Holding Four Ltd the right to appoint all directors on the board of the generator. It also provides that, upon termination of the power consumption agreement, the generator and Adani Renewable Energy Holding Four Ltd will have the right to buy back the shares held by the captive user, subject to customary approvals.Adani Green Energy clarified that the transaction does not qualify as a related-party transaction and said neither the company nor its subsidiaries have any shareholding relationship with Asahi India Glass.
Shares of Adani Green Energy ended marginally lower on Wednesday, January 7, down 0.05% at Rs 1,018.90 on the NSE. The stock has risen 1.3% over the last one year.
From a technical standpoint, the stock is trading below five of its eight key simple moving averages, including the 5-day, 20-day, 30-day, 50-day and 100-day SMAs, while trading above the 10-day, 150-day and 200-day SMAs.
The Relative Strength Index stands at 48.2, indicating the stock is neither overbought nor oversold, while the Moving Average Convergence Divergence is at -2.4 and remains below the center line.
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