Adani Green Reports Strong Q1 2021, Moves Closer to 25 GW by 2025 Target

Adani Green Energy Ltd. (AGEL) has announced the financial results, reporting a strong Q1 for FY 2021, for the quarter ended June 30, 2020.

Adani Green Energy Ltd. (AGEL), a part of the Adani Group, has announced the financial results reporting a strong Q1 for FY 2021, for the quarter ended June 30, 2020. The firm reported that its total net export increased by 24 percent YoY on the back of capacity addition of 425 MW and steady CUF performance.

The firms’ solar Capacity Utilisation Factor (CUF) remained steady at 24.8 percent, better than the P75 target of 24.3 percent, supported by strong plant availability, grid availability and solar irradiation. While the firms’ wind CUF improved from 35.8 percent to 40.1 percent with improved plant availability and high grid availability.

The firm also stated that its revenue and EBITDA from power supply has grown by 10 percent YoY and 12 percent YoY respectively on the back of added capacities, steady Solar CUF and improved Wind CUF. While its cash profit has grown by 9 percent YoY backed by strong revenue and EBITDA performance.

Gautam Adani, Chairman, Adani Green Energy Limited commented on the strong performance, “the growing domestic and international demand for cleaner and greener technology, has accelerated the green energy transition in the country and we are prepared to lead this change. Today, sustainability and economy go hand in hand and as such the goals of the organization must be aligned with the needs of the nation. The definitive steps taken by us in this journey are calculated to meet our ESG goals at each turn. This quarter, we have cemented our place in the global renewable space by winning the world’s largest solar bid and with this, we have been ranked as the largest solar power developer in the world.”

Other Key Highlights during the quarter:

• The firm won the single largest solar development bid ever awarded, totaling 8 GW.
• The firm consummated 2,148 MW 50:50 Joint Venture (JV) with French Energy major TOTAL SA for around Rs.3,707 crore
• Commissioned 50 MW Kilaj Solar plant in Rawra, Rajasthan pursuant to project awarded from SECI at a tariff of Rs 2.54/unit.
• Total operational solar capacity with the latest project commissioning was at 2,198 MW and total operational capacity including wind portfolio of 397 MW increased to 2,595 MW.

A key highlight for the firm during the quarter was that it reported zero operational disruption during the COVID-19 pandemic. Operations, the firm claimed, continued normally with continuous off-take of energy during the COVID-19 pandemic with no material curtailment on a portfolio basis on the back of ‘must-run’ status given to renewable plants in India and electricity being classified as an ‘essential service’ during lock-down.

For projects under development, the firm has stated that the construction activity has resumed in a phased manner. And thanks to the extension in the deadline for the period of 5 months from March 25, 2020, to all renewable projects under implementation, the firm expects there will be a negligible resultant impact.

Vineet S. Jaain, MD & CEO, AGEL said the financial results for Q1 FY21 display the resilience of the Company even in scenarios like the COVID-19 pandemic. “Across our plants, we have continued completely normal operations even in this pandemic situation and remain committed towards power supply being the ‘essential services’. This was also possible with our staff working diligently to meet power requirement of the Country in such critical situation. Also, across all sites, construction activity continued and has further enhanced. We look forward to continue our operations and construction work normally while pursuing all precautions for safety of all employees.” Adani Green Q1 2021

He further stated that the firm has progressed to become the largest solar power producer in the world, having won the world’s largest solar bid of 8 GW and, with this, “we have moved closer to our goal of commissioning renewable capacity of 25 GW by 2025.” Adani Green Q1 2021