AGEL is India's first and fastest renewable energy player to achieve 10.9 gigawatts operating capacity, says Executive Director Sagar Adani

Ahmedabad (Gujarat) [India], May 3 : Adani Green Energy Limited (AGEL) achieved a significant milestone when it became India's first and fastest renewable energy player to achieve an operating capacity of 10.9 gigawatts.

AGEL reported robust financial results for the fourth quarter of the fiscal year 2023-24. Executive Director Sagar Adani commented on the company's performance and outlined its strategic initiatives for the future.

Sagar Adani attributed this success to the company's focus on project execution, operational excellence, building resilient supply chains, innovation, and leveraging technology to enable affordable and renewable power.

He highlighted AGEL's ambitious project in Khabra, where they are developing the world's largest single-location renewable energy plant with a capacity of 30 gigawatts. Spread across 538 square kilometres, this project aims to set a blueprint for ultra-large scale renewable energy development globally and is scheduled for completion by 2029.

Adani said, "Adani Green Energy is India's first and the fastest renewable energy player to achieve 10.9 gigawatts operating capacity. We strengthened our market leadership with 2,848 MW of Greenfield Capacity Addition, which marks a 35 per cent year-on-year increase."

He said, "The capacity addition by Adani Green alone accounts for over 15 per cent of India's total renewable capacity addition in FY24. We are developing the world's largest single location renewable energy plant of 30 gigawatts in Khabra. The project is spread across 538 square kilometres, almost five times the city of Paris, and will be completed by 2029."

Sagar Adani also shared the company's financial performance for FY24, showcasing a robust growth trajectory. AGEL's revenue from power supply increased by 33 per cent to Rs. 7,735 crores, while EBITDA increased by 30 per cent to Rs. 7,222 crores.

The company achieved a strong EBITDA margin of 92 per cent and reduced its net debt to Runrate EBITDA ratio to 4x compared to 5.4x last year.

Adani said, "In the same location, we have already operationalized 2GW solar capacity in FI24 just within 12 months of breaking ground there. I am glad to share that in FI24, we delivered a robust financial performance across all metrics on a year-on-year basis. Our revenue from power supply increased by 33 per cent to Rs 7,735 crores. Our EBITDA increased by 30 per cent to Rs 7,222 crores."

He further said, "The run rate EBITDA stands at a strong Rs 10,462 crores. Our net debt to Runrate EBITDA is at 4x compared to 5.4x last year. Our cash profit has increased by 25 per cent to Rs 3,986 crores. Our consistently high operating performance enabled us to deliver an industry-leading EBITDA margin of 92 per cent."

"Our investors have also reposed tremendous faith in our strategic vision. AGEL has further strengthened ties with strategic partners and investors, including Total Energies, GQG Partners and Qatar Investment Authority", added Adani.

He emphasized the company's focus on environmental, social, and governance (ESG) parameters, which has led to significant advancements in rankings and ratings by globally recognized independent bodies.

AGEL was ranked first in Asia and among the top five in the RE sector globally by ISS ESG, while CDP rated AGEL in the topmost category for supplier engagement and climate change assessment.

Sagar Adani outlined AGEL's commitment to India's green power revolution by targeting an addition of at least 5 gigawatts of pumped hydro storage capacity by 2030.

The company has already kicked off construction work for the first 500 megawatt project in Andhra Pradesh and has revised its renewable energy capacity target for 2030 upwards from 45 gigawatts to 50 gigawatts.

Adani said, "We have also refinanced restricted Group 1 bond with a fresh 18-year bond issuance of USD 409 million, which was oversubscribed 6.5 times. In its latest assessment, ISS ESG ranked AGEL the first in Asia and among top five in the RE sector globally. CDP rated AGEL in the topmost category of A for supplier engagement and A- in their climate change assessment."

He said, "Pumped hydro storage, a mature and proven technology, is a very strong contender. We are targeting an addition of at least 5 gigawatts of pumped hydro storage capacity by 2030. In fact we have already kicked off construction work for the first 500 megawatt project in Andhra Pradesh. With this we are proud to say that we have revised our renewable energy capacity target for 2030 upwards from 45 gigawatts to 50 gigawatts."

"We are on track to achieve the 2030 target with a locked-in land parcel and transmission connectivity in Rajasthan and Gujarat. We also have a development pipeline for pump storage projects across four different states in India. We are committed to lead India's energy transition," said Sagar Adani, expressing confidence in AGEL's trajectory.

As per Sagar Adani, AGEL's initiatives are aligned with India's renewable energy goals and contribute significantly to the country's green energy revolution.

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