Adani Green’s Operational Capacity Hits 15.8 GW in Q1, Energy Sales Surge 42 Percent

Adani Green Energy Ltd. (AGEL) reported robust operational growth in its provisional update for Q1 FY2025–26, with its total operational capacity rising 45 percent year-on-year to 15.8 GW, up from 10.9 GW a year ago.

The growth was driven by the addition of 4.9 GW of new capacity over the last year, including 3,763 MW of solar, 585 MW of wind, and 534 MW of hybrid projects, mainly across Khavda (Gujarat), Rajasthan, and Andhra Pradesh.

The company’s sale of energy stood at 10,479 million units in the quarter, marking a 42 percent YoY increase. Impressively, AGEL has consistently exceeded its power purchase agreement (PPA) generation commitments by 107–111 percent over the past five fiscal years. The share of merchant power in its generation mix rose to 31 percent in Q1 FY26.

Operational efficiency remained high, with capacity utilisation factors (CUF) for solar at 28 percent, wind at 42.3 percent, and hybrid at 43.9 percent, backed by plant availability ranging from 95.5 percent to 99.3 percent.

AGEL reaffirmed its ambitious 2030 target of reaching 50 GW of renewable capacity, implying a compound annual growth rate (CAGR) of 27 percent. Its expansion will focus on solar-wind hybrid projects in western India, pumped storage projects (PSP) in Maharashtra and Andhra Pradesh, and growing its merchant and commercial & industrial (C&I) portfolio, which is expected to comprise 25 percent of its energy mix by 2030.

On the ESG front, the company claimed the #1 global ranking in FTSE Russell’s Alternative Electricity ESG subsector and received the Reuters Global Energy Transition Award 2025 for low-carbon generation. It also holds the highest ESG score among Indian power sector firms, according to NSE and CRISIL.

AGEL continues to leverage technology, operating its Energy Network Operations Centre (ENOC) with AI-powered monitoring and predictive maintenance. It has also partnered with Google to enhance its industrial cloud and machine learning capabilities.

Financially, the company reported an EBITDA of INR 8,818 crore for FY25, with 92 percent of earnings coming from power supply. It maintains a net debt-to-run-rate EBITDA of 5.1x as of March 2025 and is fully funded for its growth plan through a USD 3.4 billion revolving construction facility.

As of March 2025, the Adani family held a 60.9 percent stake in AGEL, with GQG Partners holding 7.7 percent and public investors 19.8 percent.

With its expanding footprint, tech-forward operations, and ESG leadership, AGEL is positioning itself as India’s top renewable energy player on the global stage.