Adani Green FY24 Update Highlights 16% Growth In Capacity, 59% In Power Sales

In an operational update to the stock exchanges, Adani Green Energy Limited (AGEL), the renewable energy developer arm of the Adani Group, has shared the progress it has made in the first 9 months of FY24.

With a target of 45GW of operational renewable energy by 2030, which would be close to10% of India targets, Adani Green (AGEL) has taken it’s current operational capacity to  8478 MW. This has come on the back of commissioning 700 MW solar–wind Hybrid, 304 MW wind and150 MW solar power plants. The group has a high concentration in Rajasthan and Gujarat, states where it has almost 16 GW plus of operational and under execution projects. Average PPA prices are at Rs 2.97/kWh for the entire portfolio.

Better wind speeds have led to a strong upsurge in Wind CUF and Hybrid CUF, that increased by 750 bps. AGEL manages the largest Hybrid cluster currently of 2140 MW in Rajasthan. Overall sale of anergy attributable to wind portfolio has moved up 18%, even as solar sales dipped 2% due to lower irradiance.

Earlier in December 2023, the firm had informed about the final closure of a PPA (power purchase agreement) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which was a then record for being the world’s largest solar tender.

AGEL has progressed on the commitments of the SECI manufacturing-linked solar PV tender, including setting up 2 GW of PV cell and module manufacturing facilities. AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum through its associate company Mundra Solar Energy Ltd (MSEL). The plant is located at Mundra, Gujarat. AGEL holds 26% shares of MSEL through its wholly owned subsidiary Adani Renewable Energy Holding Four Ltd.

With this, Adani Green now has tied up PPAs of 19.8 GW and balance is merchant capacity in its 20.6 GW locked-in portfolio. With over 2 Lacs acres of land already tied up in resource rich areas of India, the portfolio is fully de-risked for execution of 45 GW capacity by 2030.