Adani Green Energy Posts 136% Increase in Cash Profit for FY21

Adani Green Energy, a part of the Adani Group, has announced its financial results for the quarter and financial year ended March 31, 2021. The company has reported strong numbers across its value chain including cash profit and awarded capacity in national tenders.

Financial Performance:

The firm reported that revenue from Power Supply in FY21 increased backed by added capacities and consistent Solar and Wind CUF. Further, EBITDA from Power Supply in FY21 increased backed by improved revenue performance and optimisation of O&M cost, while EBITDA margin from Power supply in FY21 improved by ~ 200 bps to 91 percent backed by improved plant availability leading to higher energy generation and optimisation of O&M cost.

The firm also reported a significant improvement in Cash Profit backed by increased revenue and EBITDA.

Gautam Adani, Chairman, Adani Green Energy Limited said, “I am gratified to see Adani Green Energy’s results. About three years back we made a commitment to our shareholders that we would showcase India’s ability to lead the renewable power revolution. Our ranking this year as the world’s largest developer of solar power is testimony to this commitment, as is the investment that global majors are making in the AGEL portfolio. Despite all the challenges resulting from the pandemic, we have been resolute in our execution and stay confident of emerging as the world’s largest renewable player before the end of the decade. We are also on track to contribute meaningfully to India’s COP21 goals as well as to the wider UNFCCC goals of sustainability.”

Projects:

The firm added 925 MW operational capacity to its portfolio in FY21 despite pandemic. 

575 MW Green field commissioning: In FY21, AGEL commissioned 100 MW solar plant in Rajasthan, 250 MW solar plant in Gujarat, 125 MW solar plant in Uttar Pradesh and 100 MW wind plant in Gujarat.

350 MW Acquisitions completed: In FY21, AGEL completed acquisition of 205 MW solar plants from Essel Group, 75 MW solar plants from Sterling & Wilson, 50 MW solar plants from SkyPower Global, 20 MW solar plant from Hindustan Powerprojects.

Further, in the tendering stage, the firm was awarded/ declared L1 bidder for 13,550 MW new renewable projects in FY21 taking locked-in growth up to ~ 20,000 MW. Adani Green Energy

• In FY21, AGEL received Letters of Award for 8,900 MW renewable projects. This includes (i) 8,000 MW solar projects from Solar Energy Corporation of India, (ii) 600 MW Solar-Wind Hybrid project from Solar Energy Corporation of India and (iii) 300 MW wind project from Solar Energy Corporation of India.
• Additionally, during FY21, AGEL was declared L1 bidder for 4,800 MW renewable projects. This includes (i) solar tender for 3000 MW with green-shoe option for 1,500 MW from Andhra Pradesh Green Energy Corporation Ltd. (ii) Solar tender for 150 MW from Torrent Power Ltd. In April 2021, AGEL has received Letter of Award for 150 MW solar project.

Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, “FY21 has been an eventful year for Adani Green Energy witnessing robust operational performance and rapid capacity build-up despite the pandemic, new strategic alliances and tie up of a revolving project finance facility. On ESG front, we had Zero Loss time and recordable injury in FY21. The 648 MW Solar Plant at Kamuthi, Tamilnadu becoming the First Water Positive Plant of its kind in the World and the First Single Use Plastic (SUP) free plant of its kind in India. The plant has also been conferred EHS Excellence Award from CII in FY21. AGEL’s data analytics driven O&M, advance de-risking based development approach and disciplined yet transformational capital management will continue to ensure a steady progress towards target of having 25 GW operational capacity by 2025.” Adani Green Energy