Adani Green Energy Added 700 MW to Operational Capacity in YTD FY21

Adani Green Energy Ltd (AGEL), a part of the Adani Group, has announced the financial results for the financial period ended December 31, 2020. The firm has reported that continuing on its rapid capacity building despite the ongoing pandemic, it added 700 MW to its operational capacity in YTD FY21 with commissioning of 475 MW capacity and a further 225 MW added through inorganic opportunities.

As per the latest numbers, the firms’ operational capacity has grown to 3,245 MW, and its total capacity has grown to 14,815 MW with the latest award of 600 MW wind-solar hybrid project from SECI.

The firm further added that the sale of energy for the third quarter of FY 21 increased by 31 percent YoY on the back of capacity addition of 530 MW and improved Solar CUF. 

Operational Performance:

• Solar CUF increased by 80 bps YoY at 20.8 percent in Q3 FY21 with 80 bps improvement YoY in Plant availability at ~ 100 percent and consistent Solar irradiation.
• Wind CUF decreased by 200 bps YoY at 18.9 percent in Q3 FY21 due to lower wind speed (4.9 v/s 5.6 meters/sec YoY) although well compensated by 630 bps improvement in plant availability at 94.8 percent Q3 FY21. Wind CUF has improved by 30 bps for 9M FY21.

Financial Performance:

• Revenue from Power Supply (Rs 591 crore) in Q3 FY21 increased backed by added capacities and improved Solar CUF.
• EBITDA from Power Supply (Rs 532 crore) in Q3 FY21 increased backed by improved revenue performance and optimisation of O&M cost.
• EBITDA margin from Power supply in Q3 FY21 improved by ~ 300 bps to 90 percent backed by improved plant availability leading to higher energy generation and optimisation of O&M cost.
• Significant improvement in Cash Profit (Rs 285 crore) backed by increased revenue and EBITDA.

Gautam Adani, Chairman, Adani Green Energy Limited said, “over the past year we have accelerated our commitment to the Renewable Energy Space based on the new data that has become available. I fundamentally believe that the targets of renewable power will continue to be raised given the need as well as the affordability. We recognise that we have an opportunity to play a leading role on behalf of our nation as India establishes one of the fastest rates of decarbonisation ever witnessed. Our partnership with Total and their experience puts us on an even stronger platform as we further expand on our sustainability ambitions.”

During the quarter, French major TOTAL had deepened its strategic alliance with the clean energy firm with the acquisition of a 20 percent equity stake in AGEL by way of acquisition of shares held by Adani Promoter group.

TOTAL had made aggregate investment of USD 2.5 billion towards acquisition of a 50 percent stake in a 2.35 GW portfolio of operating solar assets owned by AGEL and now a 20 percent stake in AGEL.

Vneet S. Jaain, MD & CEO, Adani Green Energy said, “Adani Green Energy has emerged as a leader in Operational Performance of Solar & Wind plants across India as demonstrated by the ‘Leadership in Performance’ award conferred to our plants at CII Performance Excellence Awards 2020. AGEL has also continued its rapid capacity building despite the ongoing pandemic adding 700 MW in YTD FY21 with the commissioning of 475 MW and 225 MW added through inorganic opportunities.

“This has been possible with our thrust on 3 years of advance resource planning ensuring commissioning of plants ahead of schedule and we will continue to rapidly move towards our goal to commission 25 GW by 2025.”