Adani Green Energy Reports 30 Percent YoY EBITDA Growth Hitting INR 7222 Crore
AGEL’s renewable energy capacity target is now revised upwards to 50 GW by 2030. AGEL is committed to lead large-scale renewable energy deployment with an increasing focus on storage solutions for an accelerated integration of renewables into the grid thereby helping the country move closer to its non-fossil fuel target of 500 GW by 2030.
May 03, 2024. By Anurima Mondal
The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,848 MW over the last year, consistent capacity utilization factor (CUF) for solar portfolio and improved CUF for wind and solar-wind hybrid portfolio.
The sale of energy increased by 47 percent YoY to 21,806 million units in FY24 primarily backed by strong capacity addition, consistent solar CUF and improved wind and hybrid CUF.
The Run-rate EBITDA stands at a strong INR 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.
Other recent milestones include refinanced RG1 bond with fresh issuance of USD 409 mn, oversubscribed by 6.5 times.
Amit Singh, Chief Executive Officer, Adani Green Energy Ltd. said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW.”
AGEL’s operational capacity grew at 35 percent YoY to 10,934 MW with greenfield addition of 2,848 MW renewable capacity including 2,418 MW solar and 430 MW wind projects.
With this. AGEL became the first company in India to cross the 10,000 MW renewable energy capacity. AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually.
AGEL is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Gujarat. Spread across 538 sq km, it is five times the size of Paris. Within just 12 months of breaking ground, AGEL has operationalized 2,000 MW. The firm is deploying the latest renewable energy technologies such as n-type bifacial solar modules and India’s largest 5.2 MW wind turbine maximizing energy generation and minimizing the levelized cost of electricity.
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