Awarded 5 GW solar PPA from MSEDCL providing major boost to contracted portfolio
Entered C&I segment with signing of first agreement to power a datacenter
Fully redeemed USD 750 mn Holdco bond leading to significant deleveraging
Editor’s Synopsis
- Operational Capacity Expansion: Grew by 34% YoY to 11.2 GW
- Energy Sales increase: Up by 20% YoY to 14,128 million units
- Revenue Growth: Increased by 20% YoY to Rs. 4,836 crores
- Industry-leading EBITDA margin: Achieved EBITDA margin of 92.2%
- Cash Profit Surge: Rose by 27% YoY to Rs. 2,640 crores
Ahmedabad, 22 October 2024: Adani Green Energy Ltd (AGEL), India’s largest and fastest- growing pure-play renewable energy company, has announced financial results for the period ending 30 September 2024, showcasing significant growth and operational excellence.
FINANCIAL PERFORMANCE – Q2 & H1 FY25:
| Particulars |
Quarterly Performance |
Half Yearly Performance |
|
Q2
FY24 |
Q2
FY25 |
%
change |
H1
FY24 |
H1
FY25 |
%
change |
| Revenue from Power Supply |
1,984 |
2,309 |
16% |
4,029 |
4,836 |
20% |
| EBITDA from Power Supply 1 |
1,835 |
2,143 |
17% |
3,775 |
4,518 |
20% |
| EBITDA from Power Supply (%) |
91.3% |
91.7% |
|
92.2% |
92.2% |
|
| Cash Profit 2 |
1,030 |
1,249 |
21% |
2,082 |
2,640 |
27% |
- Strong revenue, EBITDA and Cash profit growth is primarily backed by robust greenfield capacity addition of 2,868 MW and consistent plant performance.
Mr. Amit Singh, CEO of Adani Green Energy Ltd, stated "Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency. Entering the C&I space by signing our first contract underscores our commitment to decarbonizing industries, with plans to expand our merchant and C&I exposure to 15% by 2030. Our growth is driven by a robust capital management plan with utmost credit discipline. Having delivered the intended capacity growth, we completely redeemed the USD 750 mn Holdco bond in line with our commitment, resulting in systematic deleveraging.”
He further said “We remain focused on best-in-class sustainability and governance practices, and the reaffirmation of our top rankings by global ESG rating agencies only strengthens our resolve to deliver sustainable and industry-leading growth. Adani Green is well on track to achieve its 2030 RE capacity target of 50 GW, including at least 5 GW of energy storage.”
CAPACITY ADDITION & OPERATIONAL PERFORMANCE – H1 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 34% YoY to 11,184 MW, with greenfield additions, including 2,000 MW of solar capacity and 250 MW wind capacity in Khavda, 418 MW of solar capacity in Rajasthan and 200 MW of wind capacity in Gujarat.
- Energy Sales: Increased by 20% 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 H1 FY25, AGEL has already generated 57% 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 92.2%.
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: Within 12 months of breaking ground in FY24, AGEL operationalized the first 2 GW solar capacity. Over the last 6 months, we operationalized 250 MW wind capacity and further made significant on-the-ground progress despite monsoon which will pave the way for significant capacity addition in second half of current financial year. We have workforce of over 9,000 people putting in enormous efforts at the site. The entire 30 GW RE capacity will be developed in Khavda by 2029 also 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. These wind turbines harness the high wind speeds of ~ 8 meters per second available at Khavda and optimize the levelized cost of electricity. Khavda also deploys complete robotic cleaning, which not only leads to near zero usage of water for module cleaning but also increases electricity generation.
BUSINESS DEVELOPMENT UPDATES:
- Significant boost to contracted portfolio: AGEL has received letter of award to supply 5 GW of solar energy under 25-year Power Purchase Agreement with MSEDCL. This significantly bolsters its contracted portfolio and propels it forward to its 50 GW goal by 2030.
- Entered C&I space with an aim to decarbonize industries: AGEL has entered the C&I segment by signing a power consumption agreement to supply 61.4 MW of renewable energy that will power a datacenter. This will help advance Google’s 24/7 carbon-free energy goal by ensuring cloud services and operations in India are supported by clean energy. The renewable energy plant will be located at Khavda, Gujarat. Our efforts in Khavda will help fast-track this capacity addition backed by our existing infrastructure. India’s datacenter industry is experiencing a significant growth and consumes a lot of power. Renewable energy not only decarbonizes the datacenters but also reduces their operating costs.
FINANCE & CREDIT UPDATES:
- Committed to credit discipline: AGEL has fully redeemed its USD 750 million Holdco Notes due September 2024, reinforcing the transparency and stability of its capital management plan. The notes were originally for funding accelerated growth over the past three years. With this growth achieved, AGEL has redeemed them using cash rather than refinancing.
- Reinforced the strategic partnership with TotalEnergies: AGEL and TotalEnergies have strengthened partnership with formation of a strategic joint venture, equally owned by both entities, aimed at managing a portfolio of solar projects totaling 1,150 MW. The projects are located in Khavda, Gujarat. AGEL has contributed its projects to the new JV, while TotalEnergies has injected USD 444 million to accelerate the development of these projects.
- Consistent deleveraging: Apart from the above recent milestones, we have continued to deleverage with consistent reduction in leverage ratios despite steady growth over the last one year.
- Last year in Q3 FY24, TotalEnergies invested USD 300 mn to form the second JV of 1,050 MW consisting of 300 MW operating and 700 MW under development assets in Q3 FY24.
- Last year in Q4 FY24, Promoters subscribed to share warrants of Rs. 9,350 crore at the share price of Rs. 1,480.75 per share, reinforcing their commitment. Of this, 25% of the amount was invested in Q4 FY24 and the remaining amount will be infused by Q1 FY26. This will not only improve our leverage ratios further but also puts us on a firm path to reach our 50 GW RE capacity target by 2030.
ESG LEADERSHIP:
- Promoting clean energy adoption globally: AGEL is the first renewable energy company in India to join ‘Utilities for Net Zero Alliance’. Established at COP28, this alliance unites leading global utilities and power companies, ensuring a focused and strategic approach to achieving a sustainable energy future.
- 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
- Felicitated with ‘Leadership band’, A and A- rating awards in CDP Suppliers Engagement Program and CDP Climate change disclosure respectively
- 1 st rank in Asia and top 5 globally in RE sector by ISS ES
- Amongst top 10 in RE sector globally by Sustainalytics’s ESG assessment
- 1st rank in the power sector for third consecutive year as per the recent ESG score published by CRISIL
Scroll to top
