Adani Green Energy Ltd Reports Remarkable 57% YoY Revenue Surge

Ahmedabad : Adani Green Energy Ltd (AGEL), India’s premier renewable energy company, unveiled its outstanding financial results for the quarter and nine months ending on 31 December 2023. The company reported a stellar 57% YoY increase in revenue, reaching Rs. 5,794 crore, and a noteworthy 52% YoY surge in EBITDA, totaling Rs. 5,412 crore, maintaining an industry-leading EBITDA margin of 92%.

Financial & Operational Highlights:

The robust growth in revenue, EBITDA, and cash profit, which soared by 61% YoY to Rs. 2,944 crore, is attributed to AGEL’s strategic capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF). AGEL’s consistent industry-leading EBITDA margin reflects its best-in-class operations and maintenance (O&M) practices, enabling higher electricity generation at lower O&M costs.

The Run-rate EBITDA stands at an impressive Rs. 7,806 crore, and the Net Debt to Run-rate EBITDA has improved to 4.98x as of December 2023, compared to 5.6x last year.

Key Recent Milestones:

AGEL recently completed a joint venture with TotalEnergies for a 1,050 MW portfolio, raising USD 300 million (Rs. 2,497 crore). Promoters have committed to investing Rs. 9,350 crore in AGEL through share warrants, with Rs. 2,338 crore already received.

Additionally, AGEL has upscaled its debt funding pool under the Construction Financing Framework by USD 1.36 billion to USD 3 billion. The company successfully funded reserves for the redemption of a USD 750 million Holdco bond due in September 2024.

In a recent ESG assessment by ISS ESG, AGEL was ranked 1st in Asia and among the top 3 globally in the Renewable Energy sector. This highlights AGEL’s commitment to environmental, social, and governance practices.

Capacity Addition & Operational Performance:

AGEL’s operational capacity increased by 16% YoY to 8,478 MW, including a greenfield addition of 700 MW solar-wind hybrid, 304 MW wind, and 150 MW solar projects. The sale of energy surged by 59% YoY to 16,293 million units in 9M FY24, driven by robust capacity addition and improved CUF.

AGEL has completed the Power Purchase Agreement (PPA) tie-up for the entire 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI), solidifying its position in the renewable energy market.

In a recent Global Annual report by Mercom Capital Group, AGEL has been ranked as the 2nd largest Solar PV developer in the world with a total solar capacity of 18.1 GW.

ESG Updates:

AGEL’s commitment to sustainability is evident in its ranking by ISS ESG among the top 3 companies globally in the Renewable Energy sector. In the S&P Global Corporate Sustainability Assessment 2023, AGEL scored 70 out of 100, significantly higher than the average world electric utility sector score of 35.

Key Milestones:

AGEL successfully completed the transfer of a 1,050 MW renewable portfolio to a 50:50 joint venture with TotalEnergies, receiving proceeds of USD 300 million (Rs. 2,497 crore). Share warrants of Rs. 9,350 crore were issued to the promoter group, and AGEL completed funding of reserves for the redemption of a USD 750 million Holdco bond due in September 2024.

AGEL’s largest project financing of USD 1.36 billion senior debt facility underlines its commitment to developing the world’s largest renewable energy plant in Khavda, Gujarat, as part of its goal to achieve 45 GW by 2030.