Adani Green Energy Ltd (AGEL), India’s largest and fastestgrowing 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:
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."
Capacity addition and operational performance - H1FY25
- 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 power plant
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.