BACK
  • AGEL adds a massive 2,676 MW renewable capacity to its operational fleet in FY23
  • Operationalized 2,140 MW solar-wind hybrid plants in Rajasthan, India’s first and world’s largest solar-wind hybrid cluster
  • Revenue from Power Supply increases by 54% YoY to Rs. 5,825 Cr
  • Cash profit increases by 72% YoY to Rs 3,192 Cr
  • Run-rate EBITDA stands at a strong Rs. 7,505 Cr

Adani Green Energy 

Adani Green Energy Ltd announces FY23 Results reporting an EBITDA of Rs. 5,538 Cr, up by 57% YoY 

Ahmedabad

1 May 2023

Robust growth in Revenues, EBITDA and Cash Profit 

 Operational Capacity increases by 49% YoY to 8,086 MW, the largest operational renewable portfolio in India 

 Consistent industry-leading EBITDA margin of 91.6% 

 AGEL is now ‘Water Positive’ for all its operating plants over 200 MW capacity with certification received from DNV 

Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, today announced financial results for the quarter and financial year ended 31 March 2023. 

 

The performance snapshot for the period is as follows:

The sale of energy has increased by 58% YoY to 14,880 mn units in FY23 primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies. 

 

AGEL has added a massive 2,676 MW renewable capacity to its operational fleet in FY23, which includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan. AGEL has signed PPAs for 450 MW wind projects and 650 MW solar projects with SECI in FY23 further strengthening the firm project pipeline. 

 

The solar portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB Energy portfolio having a CUF of 26.6% in FY23, consistent high plant availability, improved grid availability and improved solar irradiation. For the wind portfolio, the sale of energy has increased significantly backed by strong capacity addition, though, the wind CUF has reduced primarily due to one-off disruption in transmission line (force majeure) for the 150 MW plant at Gujarat, which is now fully restored. 

 

The newly operationalized solar-wind hybrid portfolio of 2,140 MW deploys latest technologies like bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators leading to a high hybrid CUF of 35.5%. 

 

“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Mr Gautam Adani, Chairman, Adani Group. “We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”  

 

“We have added massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” said Mr Vneet S Jaain, MD & CEO, Adani Green Energy Ltd. “AGEL's operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at ~ 15% CAGR in India in the same period. De-risked project development, analytics driven O&M, disciplined capital management and a strong governance framework continue to be the backbone of our sustained growth. We are proud that we have been able to lead the way towards large scale renewable adoption in India helping the country move closer to its Sustainable Development Goals.”  

“The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000+. At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy.” said Mr Amit Singh, CEO, Adani Green Energy Ltd. “Looking ahead, we aim to augment automation in our operations and make every decision even more intelligence driven through extensive digitalization and AI/ ML integration. Our commitment to sustainability and the highest level of governance will remain the foundation of our future growth.”

Other Key Updates:

  • 97% of AGEL’s rated credit facilities are rated on an ‘A’ to ‘AAA’ equivalent credit rating scale (India) 5
  • AGEL has continued to maintain a strong counterparty profile with 86% sovereign/ sovereign equivalent rated counterparties.
  • AGEL’s entire operating capacity is now ‘Water Positive’ (for plants with > 200 MW capacity), ‘Single-Use-Plastic Free’, ‘Zero Waste to Landfill’ certified.
  • AGEL has won the prestigious ‘Platinum’ Environment Award at Grow Care India Environment Management Awards 2022.
  • AGEL has continued to maintain best-in-class ESG ratings from global ESG rating agencies as given below:
  • CSR Hub rating (Consensus ESG rating) at 97 percentile, consistent ranking above Alternative Energy global industry average
    • Sustainalytics ESG Risk rating of ‘Low Risk’ with a score of 15.3, significantly better than global Utilities sector average of 32.9
    • DJSI-S&P Global Corporate Sustainability Assessment score of 61/ 100, significantly better than average World Electric Utility score of 32/ 100
    • MSCI ESG rating of ‘A’

About Adani Green Energy Limited 

Adani Green Energy Limited (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 GW including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL is a listed renewable company helping India meet its COP26 goals. 

For more information, please visit www.adanigreenenergy.com

For more information on this media release, please contact, Roy Paul, roy.paul@adani.com