Adani Power LoA: 1,234 MW UPCL supply deal in 2025

What the UPCL Letter of Award is for

Adani Power Ltd. said it has received a Letter of Award (LoA) for a 1,234 MW ex-bus net supply linked to Uttar Pradesh. The update was carried by TradingView News under the headline on the UPCL LoA. The company also described the Uttar Pradesh win as a tightly contested bid for long-term thermal power supply from an upcoming greenfield plant. In the same set of releases, Adani Power positioned the award as part of its effort to secure long-duration offtake agreements with state utilities. The LoA is a formal step that typically precedes contract signing and project execution milestones. Here, the next stated step is signing a long-term Power Supply Agreement (PSA). The announcement matters because it signals fresh contracted capacity addition tied to a state distribution utility’s demand.

Adani Power’s Uttar Pradesh supply plan

In a company statement dated Ahmedabad, May 10, 2025, Adani Power said it had won a bid to supply 1,500 MW (net) of thermal power to Uttar Pradesh. The company described the supply as coming from an upcoming greenfield power plant. The statement also said the development came after the Uttar Pradesh cabinet approved the project earlier in the same month. Following the LoA received that day, the company said it would sign a long-term PSA with Uttar Pradesh Power Corporation Ltd. (UPPCL). The references in the provided material include both the UP-focused LoA headline of 1,234 MW ex-bus net supply and the company’s May 10, 2025 release referring to 1,500 MW (net). The provided text does not explain the difference between these two figures, so they are presented as reported in the respective items. What is clear from the material is that the Uttar Pradesh award is framed as a long-term supply arrangement linked to a new plant.

Contract structure and what “long-term PSA” implies

The company’s disclosures repeatedly use the term Power Supply Agreement (PSA) for these awards. A PSA typically sets out supply obligations, contract tenure, and payment terms between a generator and a state utility or intermediary procurer. In the Uttar Pradesh case, Adani Power explicitly said it would sign a long-term PSA with UPPCL under the LoA. The provided text does not state the PSA tenure for the Uttar Pradesh contract. It also does not disclose tariff, total project cost, or commissioning schedule for the Uttar Pradesh greenfield plant. Still, the LoA and planned PSA signing indicate the award is intended to be executed over a multi-year period. For investors and sector watchers, such PSAs are often tracked because they can improve visibility on future capacity utilisation, subject to project completion.

Other recent LoAs highlighted alongside the UP award

The material also references other LoAs involving Adani Power and state utilities. One item states that Adani Power received an LoA from MSEDCL for 1,600 MW of long-term power supply. For that MSEDCL award, the proposed 25-year PSA is scheduled to commence from FY 2030-31, according to the text. Separately, the compilation references an LoA for a 2,400 MW greenfield thermal power plant in Bihar, naming SBPDCL and another state utility in the context, though the excerpt is incomplete. These disclosures, taken together, show a pattern of Adani Power bidding for and receiving state-utility offtake commitments across multiple geographies. However, the provided content does not specify whether these awards are part of the same tender series or separate procurements.

Madhya Pradesh tender and the “greenshoe” expansion

The provided text includes additional detail on Madhya Pradesh procurement. A release dated Ahmedabad, August 30, 2025 says Adani Power received an LoA from MP Power Management Company Ltd. (MPPMCL) for supply from a new 800 MW ultra-supercritical thermal power plant to be developed in Anuppur district. A later release dated Ahmedabad, Sep 11, 2025 says the total capacity awarded by MPPMCL increased to 1,600 MW after MPPMCL exercised a Greenshoe Option, with an LoA awarding 800 MW additional capacity. The Sep 11 release adds that Adani Power would supply power from a new 1,600 MW (800 MW x 2) ultra-supercritical unit under the Design, Build, Finance, Own, and Operate (DBFOO) model in Anuppur district. These details provide a useful comparison point for how LoAs can expand post-tender through options.

Stock and sentiment cues mentioned in related coverage

Within the broader “Adani Power News” section shown in the material, one item notes that Adani Power shares gained 2% after signing a pact for a 770 MW hydropower project in Bhutan. The project referenced is the 770 MW Chamkharchhu hydropower project, with Bhutan’s Druk Green Power Corporation named as the counterparty. This is not directly tied to the Uttar Pradesh LoA but appears in the same news grouping. The provided text does not give the date of this share movement item, nor does it give the trading session details. It does, however, show that Adani Power’s announcements across thermal and hydro-related projects are being tracked closely by markets.

Key facts table: awards and counterparties mentioned

Market impact: what is confirmed, and what is not

The confirmed market-moving element in the provided text is the existence of multiple LoAs and a reported instance of a 2% share gain tied to the Bhutan hydropower pact. For the Uttar Pradesh LoA, the confirmed points are the LoA receipt and the company’s stated intent to sign a long-term PSA with UPPCL. The excerpts do not provide tariff, capex, fuel sourcing plan, or commissioning timelines for the Uttar Pradesh greenfield plant, so the financial impact cannot be quantified from the material. Similarly, while the MSEDCL disclosure includes a start window of FY 2030-31 and a 25-year proposed PSA tenure, it does not include pricing or the source plant details in the excerpt. For Madhya Pradesh, the releases confirm the capacity expansion from 800 MW to 1,600 MW through a greenshoe option and specify the DBFOO model and location.

Why this sequence of LoAs matters for the thermal power pipeline

Across the excerpts, Adani Power is repeatedly described as pursuing long-duration supply arrangements with state procurers. The Uttar Pradesh award is explicitly described as a bid win for supply from an upcoming greenfield plant, and the Madhya Pradesh disclosure points to new ultra-supercritical capacity under a DBFOO model. The MSEDCL item highlights that some of these awards are structured on long tenures, with supply commencement scheduled years ahead. Taken together, the material indicates an active tender environment where states are contracting capacity for future demand. It also shows that award sizes vary from sub-gigawatt (800 MW) to multi-gigawatt (2,400 MW) references, depending on the tender and state requirements.

What to watch next

Based on the information provided, the next concrete step for the Uttar Pradesh award is the signing of the long-term PSA with UPPCL under the LoA. For the MSEDCL award, the key marker already disclosed is the planned commencement from FY 2030-31 under a proposed 25-year PSA. For Madhya Pradesh, the project description is already specific on capacity, location, technology type, and delivery model. Future updates, if issued, would likely clarify timelines and contract terms, but those details are not included in the material provided.