Adani Green Energy Ltd (AGEL) has announced its financial results for the quarter and year ending 31 March 2024.
The company’s robust growth in revenue, EBITDA, and cash profit is primarily driven by a capacity addition of 2,848 MW over the last year, consistent capacity utilization factor (CUF) for the solar portfolio, and improved CUF for wind and solar-wind hybrid portfolio.
The Run-rate EBITDA stands at a strong Rs. 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024, compared to 5.4x last year.
Mr. Amit Singh, Chief Executive Officer, Adani Green Energy Ltd, said, “I am immensely proud of the team for successfully deploying 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.”
AGEL’s operational capacity grew at 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. 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 sale of energy increased by 47% YoY to 21,806 million units in FY24 primarily backed by strong capacity addition, consistent solar CUF, and improved wind and hybrid CUF.
In March 2024, the Science Museum in London, UK, opened Energy Revolution: The Adani Green Energy Gallery, a major new gallery which explores how the world can generate and use energy more sustainably to urgently decarbonize to limit climate change. The gallery is sponsored by AGEL.
AGEL is rated ‘A-’ in CDP Climate Change 2023 assessment displaying environmental leadership. Further, AGEL has been rated in the topmost category ‘A’ in the CDP supplier engagement rating 2023.
AGEL has completed refinancing of its existing Restricted Group 1 bond, which was due in December 2024, with fresh issuance of new bonds for an aggregate amount of USD 409 mn. The issue was oversubscribed by 6.5 times and we achieved a pricing of 6.7%, well below the trading bond yield of the existing bond.
AGEL has commenced construction work on its first hydro-pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh.
With this, 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.
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