Adani Green crosses 10,000 MW RE portfolio; 1st Indian firm to do so

The renewable energy arm of Aani group, Adani Green Energy Ltd, has surpassed 10,000 megawatts (MW) of operational portfolio, becoming India’s "first" India firm to surpass 10,000 MW of renewable energy.  

AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity, the company says via an exchange filing, adding that it’s inching towards the goal of 45,000 GW renewable energy by 2030.

“AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually,” says Adani Green.

"We are proud to be India’s first das hazari in the renewables space,” says Gautam Adani, Chairman of the Adani Group. Adani says in less than a decade, Adani Green Energy has grown from a mere idea to explore “clean energy” to achieving a phenomenal 10,000 MW in installed capacity. 

In the company’s drive towards 45,000 MW capacity by 2030, Adani Green says it is building the world's largest renewable energy plant in Khavda — a 30,000 MW project.

AGEL says its focus on energising a “sustainable future’ is aligned with the United Nations Sustainable Development Goals of affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, water stewardship, waste management and a circular economy, biodiversity management and climate action. 

Adani Green says it has done the largest “greenfield expansion” in India’s RE sector, which represents about 11% of India’s installed utility-scale solar and wind capacity. The company says it is contributing over 15% of India’s utility-scale solar installations and has created 3,200 direct green jobs.

Notably, Adani Green Energy is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Kutch, Gujarat. Built across 538 sq km, it is five times the size of Paris and almost as large as Mumbai city. AGEL has operationalised 2,000 MW cumulative solar capacity (i.e. over 6% of the planned 30,000 MW) within 12 months of commencing work, says the company. 

Adani Green shares are trading 0.32% down at ₹1,887.25 on the BSE today. At the current share price, the company's m-cap stands at ₹2,98,946.53 crore. The Adani Green share has surged 124.93% in the past year, and the scrip is up 17.86% in the calendar year alone. The shares have seen 93.40% rise in the past six months. In the past one month, and one-week basis, the scrip has fallen 2.94% and 0.01%, respectively. 

Adani Green Energy's consolidated net profit surged 148.54% to ₹256 crore vs ₹103 crore in the period last year. Adani Green Energy's revenue surged 57% YoY to ₹5,794 crore, while EBITDA was up 52% YoY to ₹5,412 crore, with margin of 92%. The run-rate EBITDA stood at a strong ₹7,806 crore, with net debt to run-rate EBITDA at 4.98x as of December 2023 as compared to 5.6x last year.