Adani Green Adopts TNFD Framework to Boost Sustainability and Biodiversity Goals

Adani Green Energy Ltd (AGEL) has formally announced that it is integrated the Taskforce on Nature-related Financial Disclosures (TNFD) framework into its core sustainability strategy, marking a shift toward nature-positive renewable energy development.This move positions AGEL as one of the first Indian renewable companies to embed biodiversity and ecological risk management into enterprise-wide planning.

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What this means

• TNFD framework: A global, science-led initiative that helps companies identify, assess, manage, and disclose nature-related risks and opportunities.
• AGEL’s adoption: Starting FY24, AGEL began company-wide assessments to map dependencies, impacts, risks, and opportunities across all operational sites (over 16.5 GW renewable portfolio across 12 states in India).
• Strategic shift: Moves beyond traditional ESG compliance toward a nature-positive model, ensuring ecological wellbeing is integrated with clean energy expansion.

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Key commitments

• No net loss of biodiversity by 2030: AGEL has pledged to achieve this target, aligning with global conservation priorities.
• Tree plantation drive: Plans to plant 27.86 million trees as part of its ecological stewardship agenda.
• TNFD Adopters Group: AGEL joined even before formal adoption, signaling intent to embed nature-related insights into strategic planning.
• Leadership in renewables: Strengthens AGEL’s position among global renewable companies integrating biodiversity into decision-making.

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Why it matters

• For investors: Enhances transparency on ecological risks, aligning with global disclosure standards.
• For India’s climate goals: Supports renewable energy expansion while safeguarding biodiversity.
• For communities: Ensures renewable projects consider local ecosystems, reducing conflict and enhancing sustainability.

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Risks and challenges

• Implementation complexity: Mapping biodiversity impacts across 16.5 GW of assets is resource-intensive.
• Verification and accountability: Achieving “No Net Loss” requires robust monitoring and third-party validation.
• Balancing growth versus ecology: Rapid renewable expansion must avoid unintended ecological trade-offs.

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Takeaway

Adani Green’s integration of TNFD guidance is not just compliance—it’s a strategic pivot toward nature-positive growth. By embedding biodiversity into its sustainability strategy, AGEL is signaling that renewable energy expansion must go hand-in-hand with ecological stewardship.

Adani Green Energy Projects Cancelled in Andhra Pradesh

The Andhra Pradesh government has officially cancelled two major pumped hydro storage projects allotted to Adani Green Energy Ltd (AGEL), following a formal request from the company, reported news agency PTI. The decision, approved by the State Investment Promotion Board (SIPB) on July 17, stems from unresolved boundary disputes between Andhra Pradesh and neighboring Odisha that have stalled project development.

Projects Cancelled:

• Kurukutti Pumped Hydro Storage Project – 1,200 MW
• Karrivalasa Pumped Hydro Storage Project – 1,000 MW

Both were located in Parvathipuram Manyam district and allotted to Adani Green Energy Ltd (AGEL).

Why Were They Cancelled?

• AGEL requested cancellation due to boundary disputes between Andhra Pradesh and Odisha, which hindered surveys and investigations.
• The New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) confirmed the challenges and stated that AGEL was not at fault.
• The State Investment Promotion Board (SIPB) approved the cancellation on July 17, 2025, after reviewing AGEL’s proposal.

Financial Adjustments Requested

• AGEL paid ₹12.98 crore in facilitation charges for the two projects.
• The company requested either a refund or adjustment of these charges toward two other allotted projects:
• Pedakota PSP – 1,000 MW
• Raiwada PSP – 600 MW

Background

• The projects were approved under the YSRCP government on June 29, 2022. 
• Feasibility reports were prepared by TCE Ltd, and AGEL was responsible for the Detailed Project Report (DPR) and surveys.

Broader Implications

• The cancellation highlights the risks of inter-state land disputes in infrastructure planning.
• It underscores the need for clear land acquisition strategies and local stakeholder engagement, especially in Schedule-5 tribal regions.

Adani Green to Supply 400 MW Solar Power to UP Discom from Its Rajasthan Project

Adani Green Energy Sixty Nine, a subsidiary of Adani Green Energy, has signed a power purchase agreement (PPA) with Uttar Pradesh Power Corporation Limited (UPPCL) to supply 400 MW of solar power from its Rajasthan-based project, reported news agency PTI.

This move aligns with India's push for renewable energy expansion, reinforcing Adani Green's commitment to large-scale solar infrastructure.

This 400 MW solar power supply to Uttar Pradesh Power Corporation Limited (UPPCL) is expected to have several key impacts on UP's energy market.

This agreement with Adani Green strengthens UP's renewable energy portfolio, reducing dependence on fossil fuels and aligning with India's clean energy transition.

The fixed tariff of 2.57/kWh ensures predictable pricing, potentially lowering electricity costs for consumers over time.

Beside these, the project will generate employment opportunities in solar panel installation, maintenance, and grid management, boosting the local economy. Rural areas may experience more stable electricity supply, reducing reliance on expensive or inconsistent sources.

In an Another India's Largest, Adani to Build Solar-Wind Renewable Cluster in Rajasthan

Adani Green Energy Ltd (AGEL) is making some big moves in renewable energy. They've announced plans to build India's largest solar-wind hybrid renewable cluster in Rajasthan. This is all part of their goal to reach a 50 GW renewable energy portfolio by 2030, which aligns with India's push for decarbonization.

Adani Group has recently refinanced a $1.06 billion construction facility, originally taken in 2021. The new financing has a long-term structure of 19 years, which really shows their commitment to this project, and supporting their ambitious goal of achieving a 50 GW renewable energy portfolio by 2030.

The refinancing facility has a door-to-door tenor of 19 years, with a fully amortized debt structure that aligns with the underlying asset life.

This strategic move not only enhances AGEL's financial stability but also ensures their ability to continue their growth trajectory and deliver sustainable value creation to their stakeholders.

AGEL already operates a massive renewable energy portfolio of 12.2 GW (largest in India) across 12 states in India. This new project in Rajasthan will only cement their status as a leader in the renewable energy sector.

Refinancing plays a crucial role in the renewable energy sector by providing the necessary financial stability and flexibility for ongoing and future projects. By refinancing existing debt, companies like Adani Green Energy Ltd (AGEL) can secure long-term financing with favorable terms. This reduces the financial burden and allows them to focus on expanding their renewable energy portfolio.

Notably, refinancing often comes with lower interest rates and better terms, which reduces the overall cost of capital. This makes renewable energy projects more financially viable and attractive to investors.

Adani Green Energy Secures 1,250 MW Energy Storage Contract From UP Power Corporation

Adani Green Energy's wholly-owned subsidiary, Adani Saur Urja, has secured a significant 1,250 MW energy storage contract from Uttar Pradesh Power Corporation Limited (UPPCL) through an e-Reverse Auction.

This project, known as the Panaura Pumped Hydro Storage Project (PSP), will be developed in the Sonbhadra district of Uttar Pradesh and is expected to be completed within six years. The contract has a 40-year commitment with an annual fixed cost of ₹76.53 lakh per MW, excluding taxes.

This initiative aligns with India's clean energy goals, which necessitate the development of large utility-scale storage projects to integrate renewables into the grid and provide round-the-clock renewable energy. Adani Green Energy has diversified its portfolio to include energy storage solutions in addition to its existing solar, wind, and hybrid projects.

The Panaura PSP will use hydro pumped storage technology, which is one of the most cost-competitive, mature, and scalable energy storage solutions. This technology uses surplus solar energy during the day to pump water uphill, which is then released to generate electricity during peak evening hours. The benefits include grid stability, peak shaving, frequency regulation, reserve generation, and flexible energy management.

This project aligns with India's clean energy goals, which require the development of large utility-scale storage projects to integrate renewables into the grid and provide round-the-clock renewable energy.

The project is part of Adani Green Energy's broader strategy to enhance its renewable energy portfolio and contribute to India's decarbonization goals. The company currently has an operating renewable portfolio of 11.9 GW, the largest in India, and aims to achieve 50 GW by 2030.

Adani Green Energy has firm plans to add over 5 GW of hydro PSP capacity by 2030. The company has already commenced the construction of several hydro PSPs, including 500 MW at Chitravathi River in Andhra Pradesh, 1,500 MW at Tarali in Maharashtra, and 1,800 MW at Gandikota in Andhra Pradesh.

Adani Green's Subsidiary Operationalizes 250 Mw Wind Power Capacity in Khavda, Gujarat

Adani Renewable Energy Forty One Limited, a wholly-owned stepdown subsidiary of Adani Green Energy Limited (AGEL), has successfully operationalized the first 250 MW wind capacity at the world's largest 30,000 MW renewable energy plant located in Khavda, Gujarat.

This development increases the operational capacity at the Khavda plant to 2,250 MW, solidifying AGEL's leadership with a total operational portfolio of 11,184 MW across India. The Khavda Renewable Energy plant boasts some of the best wind resources in India, with wind speeds averaging around 8 meters per second. It is equipped with some of the world's largest and most powerful onshore wind turbine generators (WTGs), each with a capacity of 5.2 MW. These high-capacity WTGs enable efficient land use, resulting in higher energy yields and reduced levelized cost of energy (LCOE).

Earlier in February, AGEL operationalized 551 MW solar capacity in Khavda, by supplying power to the national grid. Later in the following month, AGEL operationalized 126 MW wind power capacity at the plant. This marked the completion of the 300 MW of project, with 174 MW being operationalized earlier.

Wind energy plays a crucial role in India's energy mix, complementing solar power generation during the day and aiding grid stability when paired with storage solutions.

AGEL's commitment to building an indigenous supply chain and supporting the 'Made in India' initiative is evident through the advanced German technology used in manufacturing these WTGs near the Mundra port ². With this milestone, AGEL has transformed the barren wasteland of Khavda into a hub of clean and affordable energy, capable of powering 16.1 million homes annually.

Adani Group portfolio firm, Adani Infra, is developing innovative solutions to address terrain challenges at Khavda. For example, they have deployed underground stone columns to enhance soil strength, developed with global collaboration involving both domestic and international institutions. Specialised corrosion- resistant coatings are also being used for solar module mounting structures and switchyard equipment to ensure long-term protection in highly corrosive environments.

India's renewable energy goals receive a significant boost with Adani Green Energy Limited's (AGEL) operationalization of the first 250 MW wind capacity in Khavda, Gujarat. The 250 MW wind capacity adds to India's total renewable energy capacity, contributing to the national target of achieving 175 GW of renewable energy by 2022 and 450 GW by 2030.

The Khavda wind farm generates clean electricity, reducing reliance on fossil fuels and lowering greenhouse gas emissions. It aligns with India's commitment to combat climate change.

Wind energy complements solar power by providing electricity during non-sunny hours. This helps maintain grid stability and ensures a consistent power supply.

AGEL's investment in wind energy infrastructure creates jobs in manufacturing, installation, and maintenance, supporting India's economic growth. The use of advanced German technology for wind turbine generators contributes to India's indigenous supply chain and the 'Make in India' initiative.

The 250 MW capacity can power approximately 16.1 million homes annually, improving energy access and quality of life.

In summary, AGEL's wind capacity operationalization contributes significantly to India's renewable energy transition, fostering sustainability and energy security.

Sri Lankan Regulator Decline Approval for Adani Green's 484 MW Wind Power Project

The Public Utilities Commission of Sri Lanka (PUCSL) has declined to grant approval for the procurement of the 484 MW wind power plant in Mannar and Pooneryn to Adani Green Energy SL Ltd. (AGESL), reported the Sunday Times.

Mentioning a copy of a letter from the power sector regulator to the Ceylon Electricity Board (CEB) 's Acting General Manager, the report said that the reason for the refusal by PUCSL is that the information submitted by the CEB was inadequate to assess the least cost and technical compatibility. It appears that even basic details, such as the full draft power purchase agreement (PPA) between the CEB and AGESL, were not provided.

The CEB has requested PUCSL permission to award the power plants to AGESL under the Sri Lanka Electricity Act. However, the schedules of the draft PPA, the signed memorandum of understanding (MoU) with the Government of India, and clearance granted by the Attorney General’s Department were missing.

The environmental impact assessment (EIA) results and details of the environmental license issued by the Central Environmental Authority (CEA) were not submitted either. The PUCSL has requested additional information to process the approval.

The procurement details for the construction of the 400kV transmission line from Kilinochchi to Habarana and the related cost-recovery mechanism too are missing, along with information regarding bid values received for the tender called for the 50 MW wind power plant in Mannar, situated in close proximity to the Adani project.

In February 2023, Sri Lanka's Board of Investment approved the development of a $442-million wind power project by Adani Green Energy. The proposed wind power plants were to be built in Mannar and Pooneryn in Northern Sri Lanka.

Last week, the Bishop of the Diocese of Mannar, a Roman Catholic diocese for north-western Sri Lanka, and three prominent environmentalists filed a public interest litigation in the Sri Lankan Supreme Court challenging the 250 MW Mannar Wind Power Project.

This legal challenge is the first faced by the formidable Adani Group in Sri Lanka. The litigation questions the procurement process, construction, and credibility of the Project's environmental impact assessment (EIA). It names 67 respondents, including the Cabinet of Ministers, the Sri Lanka Sustainable Energy Authority (SLSEA), and the Attorney General.

The negotiated tariff for Adani's wind power project is $0.0826 (8.26 cents per kilowatt-hour) for 20 years. However, independent Sri Lankan energy experts argue that Adani sells power to the Indian state at less than $0.04 per kWh. The petition challenges the basis for this tariff, expressing concerns about financial losses for Sri Lanka and consumer burden.

The petitioners highlight that data related to the project has not been made available for public scrutiny. They request the release of all files and records, including bids, deliberations, and project assessments.

The decision by the Public Utilities Commission of Sri Lanka (PUCSL) to refuse approval for the project could impact energy supply, investment, and renewable energy goals in the country.

AGESL's next steps involve addressing the PUCSL's concerns, providing additional information, and engaging with regulators.

In summary, this project faces legal challenges, tariff debates, and transparency issues. The outcome will shape Sri Lanka's renewable energy landscape.

Adani Green Energy Reportedly Seeking Rs 3,333 Crore Loan

Adani Green Energy, a part of Gautam Adani's Adani Group, is actively involved in green energy projects. According to a report by the Economic Times, the company is in advanced talks with Rabobank, MUFG, SMBC, and DBS to secure a massive loan of Rs 3,333 crore. The funds from this loan are intended for capital expenditure.

The loan is likely to be priced at a secured overnight financing rate (SOFR) plus 250 basis points with a five-year tenor.

Additionally, Adani Green Energy plans to invest a total of ₹9,350 crore in its green unit. Half of the warrant proceeds (₹4,675 crore) will be used to repay loans and bonds, while the remaining balance will go towards renewable projects and ongoing expenses.

Furthermore, there are reports that Adani Green Energy is seeking an offshore loan of $400 million for its upcoming renewable projects. The Adani Group as a whole aims to invest about ₹2.3 lakh crore through 2030 in the country's renewable energy expansion and solar and wind manufacturing capacity.

Adani Green Energy plans to significantly expand its renewable energy capacity. This includes increasing the number of solar and wind power projects across India and potentially exploring other clean energy sources.

The involvement of international banks (Rabobank, MUFG, SMBC, and DBS) indicates potential strategic partnerships. These banks may offer expertise, global networks, and access to international markets.

Adani Green Energy has secured several significant loans in the past to support its renewable energy projects. Last year in December, Adani Green Energy obtained a massive $1.4 billion loan to finance the establishment of the world's largest renewable energy park.

Recently, in last month only, Adani Green Energy raised $409 million through an 18-year senior secured green bond. The bond garnered significant investor interest and was oversubscribed seven times. The company used the proceeds from this bond issuance to refinance its existing five-year bullet of $500 million senior secured notes due in 2024.

The successful bond issuance showed signs of investor confidence in Adani Green Energy.

Overall, the loans provided Adani Green Energy with the means to execute their strategic plans, manage debt, and position themselves as a major player in the green energy sector

London's Science Museum Opens Adani Green Energy Gallery

The Science Museum in London has today opened a new gallery called "Energy Revolution: The Adani Green Energy Gallery." This free gallery explores the potential of renewable energy to address climate change, featuring contemporary and historic objects from the UK and abroad.

The gallery aims to inspire visitors to create a sustainable world and showcases transformative technology and sustainability efforts. The gallery opened on March 26, 2024, and is expected to be a significant addition to the museum, replacing the previous Atmosphere gallery.

At the centre of the gallery is Only Breath, a moving sculpture that signifies the power of nature to inspire technological change. Radiating outward from the centre are plinths which display vital low-carbon renewable energy technologies for the transition, from nuclear, hydrogen and solar to wind and tidal power, alongside remarkable historic innovations that remind us how major change is possible and that many of the technologies needed to make the low-carbon energy transition already exist.

Objects in this section include a 7m long tidal turbine blade made by Scottish renewable energy company Orbital Marine Power and the first electric taxi, the Bersey cab, hailed by Londoners in 1897.

Besides, this free gallery at the Science Museum in London features several other highlights:

• Future Planet: This section explores the changes to our climate that we are already experiencing and examines how scientists use complex computer models to glimpse the climate futures we could face, depending on the decisions we make today.
• Future Power: Focusing on the projects and technologies we could use in a low-carbon future, this area showcases historic artifacts alongside contemporary technologies such as solar mirrors and nuclear fusion reactors. It highlights the people and technologies that are transforming the way energy is supplied and used.
• Our Future: Here, children's imaginative ideas of how the world will meet its energy needs in decades to come are featured, along with experts’ responses to these ideas. Imagining the future is a powerful way of generating knowledge, stimulating innovation, and shaping decisions about how we live. 

The gallery aims to show how the past, present, and future are shaped by human imagination and innovation and explores the role of humans in deciding our energy future. It's a space that encourages visitors to think, dream, and wish for change, demonstrating how our world, economy, and personal lives can evolve for the better.

Study part of the Zero Energy Thermonuclear Assembly (ZETA), a nuclear fusion experiment from the 1950s |Image © Science Museum Group

FREE OBJECT GALLERY

Adani Green Energy Completes Operationalization of 300 MW Wind Power Project In Gujarat

Adani Green Energy Limited (AGEL), India's largest and one of the world's leading renewable energy companies, has successfully operationalized a 300 MW wind power project in Gujarat. This project adds to AGEL's impressive portfolio, which now stands at 9,604 MW of operational renewable energy capacity.

The project is expected to generate 1,091 million electricity units annually, which could reduce CO2 emissions by around 0.8 million tonnes per year.

Operating India’s largest renewable energy portfolio of 9,604 MW, Adani Green Energy's operational assets are maintained and monitored by the cloud-based platform, the Energy Network Operations Centre (ENOC), which enables real-time monitoring and leverages analytics and machine learning setting benchmarks for industry-leading performance.

The Adani Energy Network Operation Centre (ENOC) is a cloud-based platform that uses machine learning, drones, and digital asset mapping to monitor project progress. It is a centralized location that manages and monitors energy dispatches from around the world in real time. The ENOC also aims to maximize the potential for scaling up the energy portfolio.

Wind energy is critical to India’s energy mix for grid balancing. The complementary nature of wind energy, integrated with solar and other sources, strengthens grid stability. According to the Ministry of New and Renewable Energy, India has the fourth highest wind installed capacity in the world. The National Institute of Wind Energy has estimated India’s gross wind power potential at 695.5 at 120 metres and 1163.9 GW at 150 metres above ground level.

Here are the key details about this project:

Project Capacity: The 300 MW wind project comprises two phases. The first phase of 174 MW was operationalized earlier, and the second phase of 126 MW has now been completed.

Annual Electricity Production: The entire 300 MW project is expected to produce approximately 1,091 million electricity units annually.

Environmental Impact: By generating clean energy, this wind project will help avoid approximately 0.8 million tons of CO2 emissions each year. 

Adani Operationalizes The First 551 MW Solar Capacity from The Worlds Largest Renewable Energy Park

Operationalizes the first 551 MW solar capacity at Khavda, starts supply to national grid

• AGEL plans to develop 30 GW of clean energy at Khavda to generate ~81 billion units of electricity annually
• This will power 16.1 million homes and avoid 58 million tonnes of CO2 emissions annually
• AGEL cements its leadership position in India with the largest operational portfolio of 9,029 MW and total portfolio of 20,844 MW

Adani Green Energy Limited (AGEL), India’s largest renewable energy (RE) company and the second largest solar PV developer in the world, has operationalized 551 MW solar capacity in Khavda, Gujarat, by supplying power to the national grid.

AGEL achieved this milestone within 12 months of commencing work on the Khavda RE park, starting with the development of basic infrastructure, including roads and connectivity, and creating a self-sustaining social ecosystem. AGEL also transformed the challenging and barren terrain of the Rann of Kutch into a habitable environment for its 8,000-strong workforce.

AGEL plans to develop 30 GW of renewable energy capacity at this RE park. The planned capacity is expected to be operationalized in the next five years. When completed, the Khavda RE park will be the largest renewable energy installation in the world.

Energy from the Khavda RE park can power 16.1 million homes each year. With proven expertise in developing largescale renewable projects, a robust supply chain network and technological prowess, AGEL is best positioned to build this record-setting giga-scale plant with no parallel in the world’s clean energy sector.

The region is endowed with one of the best wind and solar resources in the country, which makes it ideal for giga-scale RE development. AGEL conducted extensive studies and deployed multiple innovative solutions to accelerate the development of the plant. (For more information, refer to Annexure-1). In the process, it is supporting the development of an indigenous and sustainable supply chain.

Expected annual contribution of 30 GW RE plant

• 81 billion units of clean electricity to be generated
• 16.1 million households to be powered
• 15,200+ green job creation
• 58 million tons of CO2 emissions will be avoided
• Emissions avoided is equivalent to:
• carbon sequestrated by 2,761 million trees
• 60,300 tonnes of coal avoided
• 12.6 million cars off the roads

"Adani Green Energy is creating one of the world’s most extensive renewable energy ecosystems for solar and wind,” said Mr Gautam Adani, Chairman, Adani Group. “Through bold and innovative projects like the Khavda RE plant, AGEL continues to set higher global benchmarks and rewrite the world’s planning and execution standards for giga-scale renewable energy projects. This milestone is a validation of the Adani Group’s commitment and leading role in accelerating India’s equitable clean energy transition journey towards its ambitious goals of 500 GW of renewable energy capacity by 2030 and carbon neutrality.”

India is shaping the global dialogue on a sustainable energy future. Aligned to this, AGEL is committed to delivering the transition to affordable and reliable clean energy.

ANNEXURE-1

Ideal location

Khavda, located in the Kutch district of Gujarat, is a promising location for wind and solar energy projects. The region witnesses ~2,060 kWh/m2 of high solar irradiation, making it ideal for solar energy generation. It is also blessed with one of the best wind resources availability in India, with speeds of ~8 meters per second.

Preparing the turf

Over the last 5 years, Adani Green conducted multiple studies, such as geotechnical investigation, seismic study, centrifuge tests, resource assessment studies, land studies, Environment and Social Impact Assessment, Environmental and Social Due Diligence, and detailed feasibility studies, amongst others, before embarking on the development of this site. AGEL deployed innovative solutions at Khavda, which will provide a scalable blueprint for giga-scale RE parks across the globe. For example, to address the unique soil strata, AGEL deployed underground stone columns to enhance soil strength.

The company is deploying India’s largest onshore wind turbine generator of 5.2 MW capacity, bifacial solar PV modules, and horizontal single-axis tracker systems. It will be leveraging its state-of-the-art Energy Network Operation Centre (ENOC) platform with AI/ ML integration to enable real-time automated monitoring.

Adani Green Energy 9M FY24 Results: Revenue Up 57% YoY to Rs. 5,794 Crore; EBITDA at 4.98x v/s 5.6x Last Year

Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, today announced financial results for the quarter and nine months ending 31 December 2023.

Synopsis 

Financial & Operational Performance

• EBITDA 1 up 52% YoY to Rs. 5,412 crore with industry-leading EBITDA margin of 92%
• Cash profit increases 61% YoY to Rs. 2,944 crore
• Run-rate EBITDA stands at a strong Rs. 7,806 crore
• Operational Capacity increases 16% YoY to 8,478 MW
• Sale of energy increases 59% YoY to 16,293 million units

Key recent milestones

• Completed JV with TotalEnergies for 1,050 MW portfolio raising USD 300 million (Rs. 2,497 crore)
• Promoters to invest Rs. 9,350 crore equity in AGEL through share warrants with Rs. 2,338 crore already received and remaining to be received in 18 months
• Upscaled Debt funding pool under Construction Financing Framework by USD 1.36 billion to USD 3 billion
• Completed funding of reserves for redemption of USD 750 million Holdco bond due in Sep 2024
• ISS ESG ranks AGEL 1st in Asia & amongst Top 3 globally in RE Sector in its latest ESG assessment. 

FINANCIAL PERFORMANCE – Q3 & 9M FY24:
(Rs. in crore)

The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF). The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class operations and maintenance (O&M) practices enabling it to achieve higher electricity generation at lower O&M cost.

The Run-rate EBITDA stands at a strong Rs. 7,806 crore with Net Debt to Run-rate EBITDA at 4.98x as of December 2023 as compared to 5.6x last year.

Mr. Amit Singh, CEO, Adani Green Energy Ltd, said, “With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well-secured growth path to the targeted 45 GW capacity by 2030. We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalization at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor to set new standards for mega scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”

CAPACITY ADDITION & OPERATIONAL PERFORMANCE – Q3 & 9M FY24:

AGEL has completed the PPA tie up for the entire 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI) with remaining 1,799 MW recently tied up. With this, AGEL has a portfolio of 19,834 MW backed by signed PPAs. The total locked-in growth portfolio stands at 20,844 MW including a merchant portfolio of 1,010 MW.

AGEL has been ranked the 2nd largest Solar PV developer in the world with an impressive total solar capacity of 18.1 GW (as of the date of review) in Mercom Capital Group’s latest Global Annual report.

AGEL’s operational capacity grew at 16% YoY to 8,478 MW with greenfield addition of 700 MW solar-wind hybrid, 304 MW wind and 150 MW solar projects.

The sale of energy increased by 59% YoY to 16,293 million units in 9M FY24 primarily backed by strong capacity addition and improved CUF.

The solar portfolio CUF remained stable at 24.0% in 9M FY24 with improved plant availability.

The wind portfolio CUF improved by 510 bps YoY to 32.2% in 9M FY24 with improved wind speed, improved plant availability and significant improvement in grid availability.

The solar-wind hybrid portfolio CUF improved by 750 bps YoY to 41.5% in 9M FY24 backed by technologically advanced solar modules, horizontal single-axis trackers and wind turbine generators as well as consistent high plant and grid availability.

ESG UPDATES:

ISS ESG ranked AGEL among the Top 3 companies in the RE sector globally. AGEL continues to lead in the RE sector in Asia with 1st rank. AGEL maintained its position in the ‘Prime’ (B+) band for robust ESG practices and displaying 'very high' level of transparency.

In S&P Global Corporate Sustainability Assessment 2023, AGEL’s ESG score now stands at 70 out of 100. The score is significantly higher than the average world electric utility sector score of 35.

AGEL has been ranked 1st in power sector in latest CRISIL ESG Assessment with improved score for second consecutive year.

AGEL is conferred with the prestigious Grow Care India ESG Risk Management award in the ‘Platinum’ category for AGEL and Safety award in the ‘Gold’ Category for the ongoing renewable project at Khavda.

KEY MILESTONES:

AGEL has completed the transfer of 1,050 MW renewable portfolio (300 MW operational and 750 MW under execution) to a 50:50 JV between AGEL and TotalEnergies and received proceeds of USD 300 million (Rs. 2,497 crore) towards the same. This reinforces the company’s strategic alliance with TotalEnergies.

Pursuant to board and shareholder approval, AGEL issued share warrants of Rs. 9,350 crore to the promoter group on a preferential basis at a share price of Rs. 1,480.75 per share, calculated in line with SEBI ICDR Regulations. The company has already received Rs. 2,338 crore, with the rest to be infused within 18 months. With this, AGEL is well on track towards its growth path to 45 GW by 2030.

AGEL has completed funding of reserves for redemption of Holdco bond of USD 750 million due in September 2024. The redemption plan includes (i) USD 300 million received towards the new JV with TotalEnergies, (ii) ~ USD 281 million received from promoters (Rs. 2,338 crore received out of the total Rs. 9,350 crore to be received towards share warrants as above) and (iii) USD 169 million available from debt service reserve account, hedge reserves and interest on the reserve accounts.

AGEL has further sealed its largest project financing of USD 1.36 billion senior debt facility as part of its Construction Financing Framework to enhance the funding pool to USD 3 billion. Definitive agreements have been executed with leading international banks, with all of them being existing lenders and instrumental in establishing AGEL’s Construction Financing Framework in March 2021. The green loan facility will not only enable the development of AGEL’s next milestone of developing the world’s largest renewable energy plant at Khavda in Gujarat but also help in its overall target of 45 GW by 2030.

Adani Green Delivers Cash Backed Redemption Plan For $750 Mn Holdco Bond

• AGEL delivers on refinancing plan for USD 750 million of notes due on 09 September 2024
• With this, AGEL has fully defeased the Holdco Notes, eight months prior to the maturity date and has further resulted in significant deleveraging in AGEL by way of equity proceeds while continuing to deliver on the growth plans
• AGEL has delivered USD 1.4 bn equity raising and USD 1.6 bn of debt for ringfenced project SPVs from international banks, demonstrating strong market access at attractive pricing, enabling AGEL to achieve its target of 45 GW by 2030.

Adani Green Energy Limited (AGEL) today announced the redemption plan for the USD 750 million 4.375 notes due 09 September 2024 (Holdco Notes).

The outstanding amounts of the Holdco Notes shall be fully secured through cash balances set aside as part of various reserve accounts securing the Holdco Notes, eight months prior to the maturity.

The redemption plan for the Holdco Notes is as detailed below -

1. Amounts in the Reserve Accounts and Internal Accruals - USD 169 million (including Debt Service Reserve Account, Hedge Reserves & Interest on Reserve Account).
2. TotalEnergies 1,050 MW JV Consideration – USD 300 million, transaction closed on 26 December 2023, and the funds are already lying in the Senior Debt Redemption Account (SDRA) of the Holdco notes.
3. Proceeds from Initial tranche of the Promoter Preferential Allotment – ~USD 281 million, (USD equivalent of INR 2,338 crores), expected in the end of January 2024, and the funds shall be deposited into the Senior Debt Redemption Account (SDRA) of the Holdco notes.
4. Total amount - USD 750 million

As a result, the entire amount of the USD 750 million Holdco Notes is fully secured eight months prior to its maturity date. With this outcome, AGEL has fully defeased the Holdco Notes, eight months prior to the maturity date and has further resulted in significant deleveraging in AGEL by way of equity proceeds while continuing to deliver on the growth plans.

Underpinning the repayment is the successful equity capital raise program of USD 1.425 billion (includes USD 1.125 billion of preferential issuance by promoters and USD 300 million from TotalEnergies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL’s strategic priorities of achieving its target of 45 GW by 2030.

Adani Green Completes the 1,050 MW JV With TotalEnergies, Raises $300 Mn

• Adani Green Energy Limited (AGEL) completed the transfer of 1,050 MW renewable portfolio to a JV between AGEL and TotalEnergies
• AGEL contributed the mix of operational (300 MW), under construction (500 MW) and under development assets (250 MW) and TotalEnergies has made equity investment of USD 300 million

Adani Green Energy Limited (AGEL) today announced the completion of the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects.

This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power projects in India.

With this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL’s target of 45 GW capacity by 2030.

Earlier this week, AGEL announced the execution of power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.

Adani Group To Invest $1.125 Billion Equity In Adani Green

The Board of AGEL approved issuance of INR 9,350 crore of warrants on a preferential basis to the promoter group at a share price of INR 1,480.75/share, calculated basis SEBI ICDR regulations

Funds to be utilized for deleveraging and accelerated growth capex in AGEL to deliver 45 GW capacity by 2030

This transaction follows successful debt raise of ~USD 1.4 billion earlier in December 2023, and takes the total capital raised to USD 3 billion

Adani Green Energy Ltd (“AGEL”), India’s largest and the one of the world’s leading renewable energy developer, announced that the Board of Directors of AGEL have approved a preferential issuance of warrants to the Promoters of AGEL for a quantum of INR 9,350 crore (equivalent to USD 1,125 million or ~ USD 1.125 Billion) at a per share price of INR 1,480.75/share calculated basis SEBI ICDR regulations. The issuance is subject to the approval of regulatory and statutory authorities as well as the shareholders of the company at the Extraordinary General Meeting (EGM) scheduled on 18 January 2024. The funds shall be utilized for deleveraging and accelerated capital expenditure.

AGEL is now fully equipped to achieve its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, secured land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas of India and additional equity infusion of INR 9,350 crore which fully funds this stated target.

"India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution,” said Mr Gautam Adani, Chairman of the Adani Group. “This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory."

Earlier, AGEL announced USD 1.36 billion construction facility (by 8 leading international banks) for construction of 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India. In addition, AGEL has announced USD 1.425 billion of equity capital (USD 1.125 billion from preferential issuance by promoters and USD 300 million from TotalEnergies JV), which translates to a capital raise of ~ USD 3 billion.

This demonstrates the deep interest by long term investors, strategic partners, financial institutions, banks coupled with continued promoter commitment, to enable AGEL’s target of adding 45 GW of renewable capacity in India by 2030.

Adani To Invest $100 Bn in Green Energy Transition Over 10 Years

• Five Portfolio companies at forefront of India’s green energy transition, having set a target to become net zero by 2050
• Adani portfolio businesses have active strategy to decarbonise, pledge to plant 100 million trees by 2030, and undertake innovative pilot projects, including development of hydrogen Fuel Cell Electric Truck
• Embarking on developing one the world’s most ambitious green hydrogen ecosystem supported by a fully integrated value chain on the west coast of Gujarat

Adani Group, India’s largest integrated infrastructure developer, has released its half-yearly ESG compendium, showing significant progress in its decarbonization pathway and its ambition to support the global net zero journey. The group has set a target to become net zero by 2050 or earlier for five of its portfolio companies — Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, ACC and Ambuja Cements. The Portfolio businesses are actively sourcing renewables, electrifying operations and adopting biofuels, and deploying waste heat recovery and energy storage technologies.

The roadmap to the net zero transition will require last mile green hydrogen solutions. To make green hydrogen adoption feasible, Adani’s track record in largescale renewables and fully integrated manufacturing with end-to-end EPC capability — all in one single location — uniquely positions it to lower costs. The portfolio companies will be investing USD 100 billion over the next decade towards achieving energy transition.

ESG highlights for H1 FY24

The striking advancements made by Adani Portfolio companies on the ESG front are listed below:

Adani Energy Solutions

Adani Electricity Mumbai, a subsidiary of Adani Energy Solutions, has increased its renewable energy share in the overall mix to an impressive 38.3%, positioning Mumbai as leading procurer of RE amongst all megacities. This was made possible by the collaboration between portfolio companies Adani Energy Solutions (which owns the Mumbai distribution business) and Adani Green Energy.

Adani Energy Solutions received an impressive score of 86% from CSRHUB, a leading ESG global performance rating agency. With this, AESL’s score surpassed the Electric & Gas Utilities industry average of 911 companies.

Adani Green Energy

Adani Green Energy is the highest rated utility company in the world as per Sustainalytics. In the first half of the financial year, the renewable power company achieved zero waste to landfill for all operational sites and turned net water positive at all sites of 200 MW or more.

Adani Ports & SEZ

Adani Ports, which owns 15 ports and logistics business, is well on track to turn net zero by 2040. In the first half of FY24, it achieved a 15% share of renewables in the total energy mix, reduced energy intensity by 46%, energy emission by 48% and water consumption intensity by 59%.

Adani Enterprises

Adani Enterprises is building three giga-factories with a target to develop 10 GW Solar Panels, 10 GW Wind Turbines, and 5 GW Hydrogen Electrolysers as part of its low cost integrated green hydrogen project. For solar module manufacturing, the glass factory is completed, with work commencing on the ingot and wafer plant. In October, the company commenced production of India’s largest wind turbine of 5.2 MW.

ESG Innovations

Proactive experimentation with green hydrogen-based decarbonization solutions are being conducted in anticipation of wider adoption as costs come down.

• To promote reduced emission and promote sustainable energy, Adani Power partnered with IHI Corporation and Kowa company to explore ammonia co-firing at the Adani Power Mundra plant. The studies aim at initially de-carbonizing Adani’s coal fired plants but with a larger objective to implement the technology in other coal-fired plants across India.
• In another significant move, Adani Enterprises entered into an agreement with Ashok Leyland and Ballard Power to develop a hydrogen Fuel Cell Electric Truck (FCET) for mining logistics and transportation, which will be Asia’s first and one of the few companies globally to operate green hydrogen-powered mining trucks. The launch of the FCET in India is scheduled for 2023, marking a significant milestone in advancing a hydrogen economy and positioning India at the forefront of the emerging technology.
• To further support decarbonization, the Adani portfolio has pledged to plant 100 million trees by 2030.

Adani Green Energy Only Asian Co. in Global Largescale Solar PV Developer Ranking By Mercom

Mercom Capital Group has recently released a Annual Global Report that includes a ranking of global solar developers based on operating, under-construction, and PPA-awarded (contracted) large-scale solar projects of one megawatt or more across multiple countries. To qualify for this ranking, developers must have projects in at least two countries.

India's Adani Green Energy Limited (AGEL), an Ahmedabad, Gujarat based renewable energy solutions company, has attained the position of the 2nd-largest global solar PV developer, in Mercom Capital Group's latest Annual Global Report.

According to the report, Adani Green's performance and contribution to the renewable energy landscape have earned it the second rank among the world's foremost solar PV developers. With an impressive total solar capacity of 18.1 GW encompassing operational, under-construction, and awarded (PPA-contracted) projects, Adani Green solidifies its significant position in the global solar energy sector. With a total capacity of 41.3 GW, France-based TotalEnergies emerged at the top.

Adani Green has solar PV projects in Vietnam and India. Some of the large-scale solar PV projects:

1. Kamuthi Solar Park, India (648 MW)
2. Jaisalmer, Rajasthan India (600 MW)
3. Karnataka, India (350 MW)
4. Bhadla Phase III Solar Park, India (300 MW)
5. Rajasthan NTPC ISTS Project, India (300 MW)

Pipeline Description:

Adani’s solar pipeline includes 9,239 MW projects under construction and 1,899 MW in preconstruction phase as of June 2023. The company’s solar project pipeline is entirely located in India. Under the manufacturing-linked project development tender floated by the Solar Energy Corporation of India, Adani is set to develop 8 GW of solar projects (four tranches of 2 GW each) between October 2023 and October 2026.

Mercom analysts utilized both primary and secondary research to compile this report. The key component of Mercom’s analysis is primary research gained from phone and e-mail interviews with company representatives. Additional analysis includes secondary research conducted by Mercom analysts. For the two companies that chose not to provide their data directly to Mercom, Mercom relied on the company’s  latest public information.

Top-10 Global Large-Scale Solar PV Developers 2022-23

Global Market Overview

• The global solar photovoltaics (PV) market had a banner year in 2022 with an estimated 191 gigawatts (GW) installed, a 22.1% increase year-over-year (YoY).
• China led capacity additions, with 86 GW installed. Installations were up 62.4% compared to nearly 53 GW in 2021 and added significantly to the worldwide growth in solar installations.
• The U.S. installed the second-highest solar energy capacity in 2022 with 17.6 GW. Installations fell 8.3% compared to over 19 GW in the prior year due to module supply uncertainty caused by the Anti-Circumvention Investigation and the Uyghur Forced Labor Protection Act. The Inflation Reduction Act, expected to provide an industry boost, was enacted in August 2022, though the effects weren't immediately evident.
• India witnessed the third-highest capacity additions with over 13 GW in 2022. Installations were up 29% YoY Much of the increase can be attributed to delayed projects with supply chain issues due to COVID-19 in the prior year Brazil and Germany rounded out the top five with 9.9 GW and 7.3 GW of capacity additions respectively, in 2022
• The top five markets combined accounted for over 70% of solar capacity installed in 2022
• The war in Ukraine compelled countries in Europe to develop aggressive solar energy goals and move quickly toward energy independence. In July 2022, Germany set a target of 215 GW by 2030; France set a new target of 100 GW by 2050, and the U.K. increased its solar target to 70 GW by 2035
• At the end of 2022, cumulative installed solar PV capacity surpassed 1 TW to reach an estimated 1,054 GW. China, the U.S., and Japan accounted for nearly 56% of capacity.

Note: Annual installation numbers are based on available data as of December 2022, considering that IRENA and most other global solar associations have released data only until 2022

The top 10 developers accounted for 145 GW of operational, under-construction, and awarded (PPA-contracted) solar projects during the reporting period. Of this, 49.5 GW of projects were operational, 29.1MW were under construction, and 66.2 GW were in pipeline (PPA-contracted).

Full Report – Here

World’s Largest Solar Contract worth $6 Billion Won by Adani Green

In one of world’s largest solar contract from Solar Energy Corporation of India (SECI), Adani Green Energy Limited (AGEL) has won the bid to develop solar photovoltaic (PV) power projects of 8 GW along with setting up a solar cell and module manufacturing capacity of 2 GW.

This contract, the largest in the world in a single bid, will entail a total investment of approximately $6 billion (INR 452 billion).

Notably, AGEL had submitted its bid for 4 GW of solar projects and 1 GW of manufacturing component, followed by Azure and Navyug, which submitted bids for 2 GW of projects each.

AGEL already operates Kamuthi Solar Power Project in the state of Tamil Nadu, which is one of the largest solar photovoltaic plants in the world.

“With this win, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewables company by 2025. This award will take the Company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of ₹112,000 crores ($15 billion) in the renewable energy space over the next 5 years,” said a company statement.

According to Mercom India Solar Project Tracker, AGEL has approximately 2.4 GW of large-scale solar projects in operation and over 10 GW under the development pipeline.