- Operational RE Capacity grows 37% YoY to 11.6 GW, continues to be India’ largest
- Contributed 15% of nationwide utility-scale solar and 12% of wind installations in CY24
- Energy Sales increase: Up by 23% YoY to 20,108 million units
- Revenue Growth: Increased by 18% YoY to Rs. 6,829 crores
- Industry-leading EBITDA margin: Achieved EBITDA margin of 92.0%
- Cash Profit Surge: Rose by 23% YoY to Rs. 3,630 crores
Adani Green Energy Ltd (AGEL), India’s largest and fastest-growing pure-play renewable energy (RE) company, has announced financial results for the period ending 31 December 2024, showcasing significant growth and operational excellence.
Financial Performance – Q3 & 9M FY25: (Rs. in crore)
Particulars | Quarterly Performance | Nine Monthly Performance | ||||
Q3 FY24 | Q3 FY25 | % change | 9M FY24 | 9M FY25 | % change | |
Revenue from Power Supply | 1,765 | 1,993 | 13% | 5,793 | 6,829 | 18% |
EBITDA from Power Supply | 1,638 | 1,848 | 13% | 5,412 | 6,366 | 18% |
EBITDA from Power Supply (%) | 91.5% | 91.4% | 92.0% | 92.0% | ||
Cash Profit | 862 | 991 | 15% | 2,944 | 3,630 | 23% |
Amit Singh, CEO of Adani Green Energy Ltd., announced progress in developing the world’s largest renewable energy plant in Khavda, Gujarat, along with large-scale projects in Rajasthan and other locations, supported by efficient transmission planning. The company has enhanced its supply chain to meet regulatory requirements and expanded its PPA pipeline by participating in various tenders. Adani Green’s updated strategy includes large-scale deployment of Battery Energy Storage Systems (BESS) to support grid integration, leveraging recent cost declines. The company is also ensuring timely project financing through a robust capital management program with a diversified funding base.
Capacity Addition & Operational Performance – 9M FY25:
- Project Development Excellence: AGEL has consistently expanded its greenfield capacities backed by advanced resource planning, engineering, and supply chain management, with project management, execution, and assurance from our partners, Adani Infra India Ltd (AIIL).
- Operational Capacity: Expanded by an impressive 37% YoY to 11,609 MW, with greenfield additions, including 2,113 MW of solar capacity and 312 MW wind capacity in Khavda, 580 MW of solar capacity in Rajasthan, and 126 MW of wind capacity in Gujarat.
- Energy Sales: Increased by 23% YoY propelled by the robust capacity additions and strong operational performance.
- Operational Excellence: AGEL’s operations and maintenance (O&M) leverage sophisticated data analytics, enhanced by machine learning and artificial intelligence, in collaboration with our O&M partners, Adani Infra Management Services Pvt Ltd (AIMSL).
- Exceeding Commitments: AGEL has consistently generated electricity exceeding the overall annual commitment under the power purchase agreements. In FY24, AGEL’s PPA-based electricity generation was 111% of the annual commitment. In 9M FY25, AGEL has already generated 80% of the annual commitment.
- O&M Efficiency: AGEL’s O&M is driven by advanced technology with the Energy Network Operation Center enabling real-time monitoring of the renewable plants across the country. This has not only enabled consistent higher plant availability in turn resulting in higher electricity generation but also led to a reduction in O&M costs, resulting in an industry-leading EBITDA margin of 92.0%.
Development of the World’s Largest Re-Plant at Khavda:
- The world’s largest power plant is AGEL, which is developing a massive 30 GW renewable energy plant in Khavda, Gujarat. This is spread over an area of 538 sq km, almost 5 times the city of Paris. This project will set a global benchmark for the development of ultra-large-scale renewable energy plant.
- Rapid execution: We have a workforce of over 12,000 putting in enormous efforts at the site. Four phases of transmission tendering for Khavda have been completed, and the fifth phase of tendering is in progress, providing significant visibility of RE capacity development in Khavda. Our capacity ramp-up plans continue to be well aligned with the transmission planning. Apart from having long-term relationships with global solar module suppliers and a well-integrated supply chain within Adani portfolio, we have expanded our collaboration with more suppliers for ALMM-compliant solar modules to boost solar capacity addition. These initiatives will enable significant capacity deployment in the last quarter of the current financial year and put us on a firm track to achieve 30 GW RE capacity in Khavda by 2029, setting a global benchmark for the speed of execution at such a large scale.
- Most advanced renewable technologies deployed: The plant deploys the most advanced bifacial solar modules and trackers to maximise electricity generation. It also deploys India’s largest 5.2 MW wind turbine, which is also one of the most powerful onshore wind turbines globally. In Khavda, we have also deployed complete robotic cleaning, which not only leads to near-zero usage of water for module cleaning but also increases electricity generation.
ESG Leadership:
- Retained top ESG rankings: AGEL is committed to its ESG goals and has continued to retain its top ESG rankings.
- Ranked 3rd in FTSE Russell ESG score in the Alternative Electricity Subsector with a percentile rank of 93 in the Utilities Supersector
- Ranked in ‘Leadership band’, A and A- rating awards in CDP Suppliers Engagement Program and CDP Climate Change Disclosure, respectively
- 1st rank in Asia and top 10 globally in the RE sector by ISS ESG
- Amongst top 3 in the RE sector in Asia Pacific by Sustainalytics’s ESG assessment
- 1st rank in the power sector for the third consecutive year as per the recent ESG score published by CRISIL