Managing Director
Chief Executive Officer
The last financial year has been a year where Adani Green truly exhibited the spirit of ‘Strength with Resilience’. Amid global geopolitical shifts, we not only navigated challenges but emerged stronger, setting new benchmarks in the renewable energy sector. Our business model, built around operational and execution excellence and financial discipline enabled us to scale new heights. We contributed to 16% and 14% of the nation’s new utility-scale solar and wind capacity installations respectively in FY 2024-25, highlighting our tenacity and leadership in the renewable energy sector. Remaining true to our purpose, we are committed to building capacities and transforming the energy ecosystem for generations to come.
In 2024, global renewable capacity additions reached 585 GW, marking a significant annual increase of 15.1%. The trajectory remains strong, reinforcing the global commitment to a sustainable future. Between 2024-2030, a massive 5,500 GW of renewable capacities is expected to be added.
India has added an unprecedented 25 GW of renewable energy capacity in FY 2024-25, marking an increase of nearly 35% over the previous year’s addition of 18.6 GW. India’s solar power sector led the renewable energy growth, with capacity additions soaring from 15 GW in FY 2023-24 to nearly 21 GW in FY 2024-25, a remarkable 38% increase. The country also achieved the significant milestone of surpassing 100 GW of installed solar capacity this year. While the growth has been impressive, concerted efforts will be needed to reach the ambitious target of 500 GW.
At Adani Green, we are leading the growth of green energy in India with unprecedented speed and scale, targeting to reach 50 GW renewable energy capacity by 2030. We are creating an infrastructure of ultra-large-scale projects supported by execution excellence to expand generation capacities and decarbonise India’s energy landscape.
Speed is a defining factor in our success and we are proud to have a proven track record of executing projects faster than the industry average. This unique distinction is possible thanks to the dedication of our large, skilled workforce coupled with a localised supply chain to reduce import reliance and cutting-edge automation that ensures seamless project execution.
Together this enables us to redefine and shrink timelines and make impactful contributions. In FY 2024-25, we added 3,309 MW of greenfield renewable capacity. On behalf of the entire Board and our management team, we are immensely proud to state that this will set a global benchmark for speed and scale of execution. Our operational portfolio expanded by a massive 30% to 14.2 GW, solidifying our position as the country’s largest renewable energy player.
A major highlight in our progress is Khavda, where we are developing the world's largest renewable energy plant with a planned capacity of 30 GW by 2029. In less than 24 months since breaking ground, we have operationalised 4.1 GW capacity. Beyond execution, the integration of advanced renewable energy technologies ensures a maximisation of power generation while lowering the cost across both solar and wind power.
We continue to make steady progress in our energy storage projects which will play an important role in addressing the intermittency challenges associated with renewable energy and supporting their grid integration.
We are steadily progressing on the hydro PSP journey. Construction of our first 500 MW PSP project on the Chitravathi river in Andhra Pradesh remains on track. We further won 1,250 MW hydro-pumped storage project from Uttar Pradesh. We remain committed to our target of adding 5 GW+ PSP capacity by 2030.
Furthermore, recognising the significant cost declines and rapid deployment capabilities of Battery Energy Storage Systems (BESS), our strategy now includes large-scale BESS deployment. This will be instrumental in supporting the rapid renewable growth and complement our existing solar, wind and hydro-pumped storage projects.
While building capacities is one facet; the more critical part is maximising their performance with a consistent focus on efficiency improvement through our analytics-driven operations and maintenance.
In FY 2024-25, our solar, wind and hybrid asset’s CUF stood at 24.8%, 27.2% and 39.5% respectively. Energy sales during the year reached 27,969 million units, delivering a YoY growth of 28%. Our PPA-based operational capacity continued to outperform expectations, delivering power generation 107% above PPA commitments.
Revenue from power supply grew by 23% to ₹9,495 crore, backed by robust capacity addition. AGEL surpassed USD 1 Billion in EBITDA in FY 2024-25. Our EBITDA from power supply increased by 22% to ₹8,818 crore, with an industry-leading EBITDA margin of 91.7%. Cash profit surged by 22% to ₹4,871 crore. The run-rate EBITDA of our operational capacity stood at a robust ₹12,676 crore.
The year was equally important from the new business development perspective and we made a solid addition to our PPA-based pipeline.
We plan to change our contract mix so as to increase current 14% merchant proportion in our operational capacity to 25% towards merchant, C&I, contracts for difference (CFD) and mid-duration hybrid contracts by 2030, with a view to improving the EBITDA profile thereby maximising the shareholder returns for the overall portfolio. We entered the C&I segment, securing our first-ever agreement to supply 61 MW of renewable energy to power Google’s data center. This agreement supports Google’s mission to achieve a 24x7 carbon-free energy goal for its cloud services and operations in India. This agreement is important and marks the beginning of a new era which will facilitate the decarbonisation of energy-intensive industries like data centers by meeting their power needs with cost-effective and clean energy solutions.
Our disciplined capital management strategy and financial prudence underpin our growth. In FY 2024-25, we made significant progress in deleveraging the balance sheet by fully redeeming the USD 750 million Holdco bond.
We successfully refinanced USD 1.06 million construction facility with a long-term financing with door-to-door tenor of 19-year having an amortisation structure, that is well-aligned with the project cashflow cycle. The refinancing facility has received a rating of AA+/Stable from three domestic rating agencies – ICRA, India Ratings, and CareEdge Ratings.
Our overall financing costs are now lower by 20 basis points at 9.2% and net debt to run-rate EBITDA improved to 5.1x.
We also strengthened our strategic partnership with TotalEnergies by forming a new joint venture for a 1.15 GW renewable portfolio, resulting in an inflow of USD 444 million.
Environmental, social, and governance (ESG) are integral to our operations. The very nature of our business plays a key role in mitigating climate change but our impact is far greater. We undertake comprehensive biodiversity assessments to ensure ‘no net loss of biodiversity’ and actively enhance the natural habitats across our sites.
We have invested in waterless robotic cleaning and, at various plants, we have desilted nearby water bodies to create surplus water recharge resulting in net water positive status for all our operational plants as certified by Intertek. We have also eliminated single-use-plastic and ensured that no waste goes to landfill across our operational plants, with certifications from Intertek.
Our projects create transformational change by generating local employment and developing local supply chain. This boosts the growth of the local economies and fosters sustainable growth. Additionally, we drive social impact through dedicated programmes in health, education, women empowerment, water conservation and community infrastructure.
At Khavda, we are developing the world’s largest renewable power plant on wasteland. Once complete, this plant will generate 87.4 billion units of clean electricity, power over 17.4 million households, create over 15,000 jobs, and avoid 63.6 million tonnes of CO2 emissions.
We have developed a range of social infrastructure including residential accommodations, healthcare, sports and recreation facilities, 5G connectivity, crèche for children and emergency transport. We have localised our supply chain for this project, sourcing components locally from wind turbines and wind turbine tower assembly to horizontal single-axis trackers for solar plants and many other components. This approach supports the development of ancillary industries and job creation. Promoting diversity, our entire control room at Khavda is managed by an all-women team.
Strong governance is the foundation of our ESG leadership. With 50% independent directors, we ensure balanced and transparent decision-making. We have a voluntary Board-level committee, Corporate Responsibility Committee with 100% independent directors that is tasked with ensuring fulfilment of our ESG commitments. Our key Board committees have independent director representation well above the statutory thresholds and are chaired by independent directors e.g. audit committee forms 83% independent and 100% non-promoter and non-executive directors and nomination and remuneration committee forms 75% independent and 100% non-promoter/non-executive directors. Our robust risk management framework integrates real-time ESG risk assessments. Compliance remains our priority and, together this ensures that we abide by the highest standards of transparency, ethical conduct, zero tolerance for corruption, and accountability to all stakeholders.
Our sustainability focus is evident in the multiple global recognitions which reaffirm our dedication to sustainability and responsible business practices. We attained ISS ESG ranking of 1st in Asia and top 5 globally and Sustainalytics ranking amongst top 10 globally in RE sector. We are also proud to have become the first renewable energy company in India to join the Utilities for Net Zero’ Alliance (UNEZA) aiming to accelerate the development of renewables and clean energy solutions globally.
The future holds immense prospects, and we remain committed to our long-term strategic target of 50 GW by 2030 while delivering above-market return expectations. With secured sites and clear visibility on evacuation, we are on track to meet this target. To ensure seamless execution, we are aligning project development with transmission readiness, strengthening relationships with global and suppliers in anticipation of ALMM and ALCM compliance and further expanding our workforce.
As we step into the next phase of our journey, our commitment to delivering a cleaner, greener future remains unwavering. With a clear roadmap, we are confident of contributing significantly to India’s energy transition journey. I extend my deepest gratitude to all our stakeholders for their trust and to our team for their relentless dedication. Our journey at Adani Green is only just getting started and the road ahead is filled with limitless possibilities. With our commitment and collective ambition, we will continue to set new benchmarks of excellence and redefine what’s possible in this sector. The future is ours to build and shape and we are confident that we will continue to do so one breakthrough at a time.
Managing Director
Chief Executive Officer
