Adani Green Energy revenue up 33% YoY to INR 7,735 crore

Adani Green Energy Ltd (AGEL), India’s largest pure-play renewable energy company, today announced financial results for the year ending March 31, 2024. The company’s revenue from power supply increased 33% YoY to INR 7,735 crore ($927 million). EBITDA from power supply was INR 7,222 crore, up 30% YoY. Cash profit increased 25% YoY to INR 3,986 crore.

AGEL stated that the robust growth in revenue, EBITDA and cash profit was 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.

AGEL has increased its 2030 target of installed RE capacity to 50 GW, from 45 GW planned earlier.

The company’s operational capacity grew 35% YoY to 10,934 MW with greenfield addition of 2,848 MW renewable capacity including 2,418 MW solar and 430 MW wind projects in FY 2024.  With this, AGEL became the first company in India to cross the 10 GW 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 GW 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 GW. It 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. 

AGEL plans to develop 5 GW+ pumped hydro storage capacity by 2030. It has commenced construction work on its first pumped storage project of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh.

Amit Singh, chief executive officer, Adani Green Energy Ltd, said, “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.”