Adani Green Energy Ltd (AGEL) has shown remarkable growth with its operational renewable energy (RE) capacity expanding at a 41 per cent CAGR over the past five years, brokerage firm Emkay Global said on Monday, initiating coverage on the company with a ‘buy’ recommendation and a target price of Rs 2,550 per share — over 50 per cent upside from current levels.
However, amid the Hindenburg row that saw the Ambani shares crash on Monday, the rating agency says the Adani Green is expected to achieve a robust growth trajectory, supported by its strategic asset base and significant potential in the renewable energy sector, according to the brokerage firm.
Adani Green has well-secured sites for solar-wind development in excess of 50GW in Gujarat and Rajasthan and a further 5GW+ for PSP (pump storage solutions and evacuation) with evacuation visibility.
“The momentum now on would be concentrated in the Gujarat-Rajasthan supersites …