Adani Power gets LoI to set up $3 billion greenfield thermal power plant in Bihar

Adani Power’s board has also approved a stock split of the existing 1 equity share of the company having a face value of ₹10 each, fully paid up, into 5 equity shares having a face value of ₹2 each, fully paid up. Adani Power on Thursday said it has received a letter of intent (LoI) from Bihar State Power Generation Company to develop and operate a 2,400 megawatt greenfield thermal power plant in Bhagalpur District of Bihar at an investment of USD 3 billion. According to a company statement issued on Thursday, the LoI pertains to the construction of a 2,400 MW greenfield ultra-supercritical thermal power plant. The facility will be developed under the Design, Build, Finance, Own and Operate (DBFOO) model. Adani Power, which emerged as the lowest bidder in the competitive bidding process, is expected to receive the Letter of Award (LoA) in due course. Post-award, a Power Supply Agreement (PSA) will be executed with the state’s distribution utilities. The agreement, once finalised, will enable Adani Power to supply 2,274 MW of power to the North Bihar Power Distribution Company Ltd (NBPDCL) and the South Bihar Power Distribution Company Ltd (SBPDCL). The final supply price under the awarded bid stands at ₹6.075 per kilowatt-hour (KWh), the company noted. The first unit will be commissioned within 48 months of the appointed date, and the last one within 60 months of the appointed date. "We have won the bid to develop and operate a 2,400 MW thermal power project in Bihar. We will set up a new greenfield plant with an investment of USD 3 billion, which is expected to further aid industrialization in the state," said S B Khyalia, Chief Executive Officer of Adani Power. Adani Power (APL), part of the Adani portfolio, is India’s largest private thermal power producer, with an installed thermal capacity of 18,110 MW across twelve plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, along with a 40 MW solar plant in Gujarat. The upcoming plant will be an advanced, low-emission ultra-supercritical unit, aimed at delivering reliable, high-quality, and competitively priced power to the state. It will be fuelled through coal linkage allocated under the Government of India’s SHAKTI Policy. The project is anticipated to create direct and indirect employment for 10,000–12,000 people during construction, and around 3,000 once operational. Adani Power Q1 results: Adani Power posted a 15.5% decline in its consolidated net profit at ₹3,305 crore for the quarter ended June 30 of the financial year 2025-26 on account of lower merchant tariffs and elevated operating expenses following acquisitions. The company had clocked a net profit of ₹3,913 crore in the same quarter of the previous fiscal year. The Adani group firm’s total revenue from operations also dipped 5.6% year-on-year (YoY) to ₹14,109 crore in Q1 FY26 as compared to ₹14,956 crore in the corresponding quarter last year. The decline came primarily due to lower merchant tariff realisation and import coal prices year-on-year, the firm said. Adani Power’s board has also approved a stock split of the existing 1 equity share of the company having a face value of ₹10 each, fully paid up, into 5 equity shares having a face value of ₹2 each, fully paid up. Also read: Adani Power Q1 Result: Net profit dips 16% YoY; board approves stock split in 1:5 ratio At 11:08 AM, shares of Adani Power Limited were trading 0.32% lower at ₹565.65 apiece on the NSE. With PTI inputs.