Operational RE Capacity grows 37% YoY to 11.6 GW, continues to be India’ largest
Contributed 15% of nationwide utility-scale solar and 12% of wind installations in
CY24
EDITOR’S SYNOPSIS
- Energy Sales increase: Up by 23% YoY to 20,108 million units
- Revenue Growth: Increased by 18% YoY to Rs. 6,829 crores
- Industry-leading EBITDA margin: Achieved EBITDA margin of 92.0%
- Cash Profit Surge: Rose by 23% YoY to Rs. 3,630 crores
Ahmedabad, 23 January 2025: Adani Green Energy Ltd (AGEL), India’s largest and
fastest-growing pure-play renewable energy (RE) company, has announced financial results for the
period ending 31 December 2024, showcasing significant growth and operational excellence.
FINANCIAL PERFORMANCE – Q3 & 9M FY25: (Rs. in crore)
| Particulars |
Quarterly Performance |
Nine Monthly Performance |
| Q3 FY24 |
Q3 FY25 |
% change |
9M FY24 |
9M FY25 |
% change |
|
|
|
|
|
|
|
| Revenue from Power Supply |
1,765 |
1,993 |
13% |
5,793 |
6,829 |
18% |
|
|
|
|
|
|
|
| EBITDA from Power Supply 1 |
1,638 |
1,848 |
13% |
5,412 |
6,366 |
18% |
| EBITDA from Power Supply (%) |
91.5% |
91.4% |
|
92.0% |
92.0% |
|
|
|
|
|
|
|
|
| Cash Profit 2 |
862 |
991 |
15% |
2,944 |
3,630 |
23% |
-Strong revenue, EBITDA and Cash profit growth is primarily backed by robust greenfield capacity
addition of 3.1 GW and consistent plant performance.
Mr. Amit Singh, CEO, Adani Green Energy Ltd, stated, "We are steadily developing
the world’s largest RE plant in Khavda, Gujarat as well as large-scale plants in Rajasthan and
other sites, supported by well aligned transmission planning. We have upgraded our supply chain
to meet current and future regulatory compliances. Recently, we made significant progress in
building the PPA pipeline by participating in various tenders. Our updated strategy now includes
large-scale deployment of Battery Energy Storage Systems (BESS), given significant cost declines
in last few quarters. BESS can be deployed relatively quickly and will be crucial in grid
integration, supporting rapid renewable growth and complementing our existing solar, wind and
hydro pumped storage projects. We continue to ensure that the financing tie up is completed well
in advance for all our projects backed by a robust capital management program with a diversified
pool of capital.”
CAPACITY ADDITION & OPERATIONAL PERFORMANCE – 9M FY25:
- Project Development Excellence: AGEL has consistently expanded its greenfield capacities
backed by advanced resource planning, engineering, and supply chain management, with project
management, execution and assurance from our partners, Adani Infra India Ltd (AIIL).
- Operational Capacity: Expanded by an impressive 37% YoY to 11,609 MW, with greenfield
additions, including 2,113 MW of solar capacity and 312 MW wind capacity in Khavda, 580 MW
of solar capacity in Rajasthan and 126 MW of wind capacity in Gujarat.
- Energy Sales: Increased by 23% YoY propelled by the robust capacity additions and strong
operational performance.
- Operational Excellence: AGEL’s operations and maintenance (O&M) leverage sophisticated data
analytics, enhanced by machine learning and artificial intelligence, in collaboration with
our O&M partners, Adani Infra Management Services Pvt Ltd (AIMSL).
- Exceeding Commitments: AGEL has consistently generated electricity exceeding the overall
annual commitment under the power purchase agreements. In FY24, AGEL’s PPA based
electricity generation was 111% of the annual commitment. In 9M FY25, AGEL has already
generated 80% of the annual commitment.
- O&M Efficiency: AGEL’s O&M is driven by advanced technology with Energy Network
Operation Center enabling real time monitoring of the renewable plants across the
country. This has not only enabled consistent higher plant availability in turn
resulting in higher electricity generation but also led to reduction in O&M cost
resulting in industry-leading EBITDA margin of 92.0%.
DEVELOPMENT OF THE WORLD’S LARGEST RE PLANT AT KHAVDA:
- World’s largest power plant: AGEL is developing a massive 30 GW renewable energy plant at
Khavda in Gujarat. This is spread over an area of 538 sq km, almost 5 times the city of
Paris. This project will set a global benchmark for development of ultra large-scale
renewable energy plant.
- Rapid execution: We have a workforce of over 12,000 putting in enormous efforts at the site.
Four phases of transmission tendering for Khavda have been completed and the fifth phase of
tendering is in progress, providing a significant visibility of RE capacity development in
Khavda. Our capacity ramp-up plans continue to be well aligned with the transmission
planning. Apart from having long term relationships with global solar module suppliers and a
well-integrated supply chain within Adani portfolio, we have expanded our collaboration with
more suppliers for ALMM compliant solar modules to boost solar capacity addition. These
initiatives will enable significant capacity deployment in the last quarter of the current
financial year and put us on a firm track to achieve 30 GW RE capacity in Khavda by 2029
setting a global benchmark for the speed of execution at such a large scale.
- Most advanced renewable technologies deployed: The plant deploys the most advanced bifacial
solar modules and trackers to maximise electricity generation. It also deploys India’s
largest 5.2 MW wind turbine, which is also one of the most powerful onshore wind turbines
globally. In Khavda, we have also deployed complete robotic cleaning, which not only leads
to near zero usage of water for module cleaning but also increases electricity generation.
ESG LEADERSHIP:
- Retained top ESG rankings: AGEL is committed to its ESG goals and has continued to retain
its top ESG rankings.
- Ranked 3rd in FTSE Russell ESG score in the Alternative Electricity
Subsector with a percentile rank of 93 in the Utilities Supersector
- Ranked in ‘Leadership band’, A and A- rating awards in CDP
Suppliers Engagement Program and CDP Climate change disclosure respectively
- 1st rank in Asia and top 10 globally in RE sector by ISS ESG
- Amongst top 3 in RE sector in Asia Pacific by Sustainalytics’s ESG
assessment
- 1st rank in the power sector for third consecutive year as per the
recent ESG score published by CRISIL
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