In a significant announcement that marks a new chapter in India’s burgeoning renewable energy landscape, Adani Green Energy Ltd (AGEL) unveiled its achievements for fiscal year 2024 along with an ambitious upward revision of its 2030 renewable energy generation target. The company has registered a stellar 30 percent growth in its EBITDA, reaching Rs 7,222 crore, as it gears up to expand its capacity to a monumental 50 gigawatt (GW) by the end of the decade, up from its previous 45 GW target.
This pronounced growth trajectory is a culmination of the company’s strategic capacity addition, which has seen over 2.8 GW appended to its portfolio over the last financial year. This increase alone constitutes a significant 15 percent of India’s total renewable energy capacity addition. AGEL’s financial prowess has also been highlighted with the run-rate EBITDA standing at Rs 10,462 crore, and a notable improvement in leverage, with net debt to run-rate EBITDA at 4 times as of March 2024, compared to 5.4 times in the preceding year.
Amit Singh, the Chief Executive Officer of Adani Green Energy Ltd, commended his team for their rapid progress, particularly spotlighting the efficient deployment of the initial 2 GW of the company’s massive 30 GW project under construction at Khavda within a mere 12 months since its inception. The operational capacity of AGEL experienced a robust year-on-year increase of 35 percent, reaching 10.9 GW in FY24.
Further bolstering its financial resilience, AGEL reported a 25 percent surge in cash profit, amounting to Rs 3,986 crore. In a separate development, the company secured a substantial $400 million investment from a consortium of five leading international banks. These funds are allocated for AGEL’s ongoing construction of 750 MW solar projects in India’s Rajasthan and Gujarat regions.
The ambitious growth plans of AGEL align seamlessly with India’s vision of achieving a non-fossil fuel capacity of 500 GW by 2030. Singh reiterated AGEL’s steadfast commitment to delivering affordable clean energy at a scale and velocity that is unparalleled in the industry to date. The upward revision of the 2030 target to 50GW is a testament to this commitment.
AGEL’s operational capacity expansion is reflected in its greenfield addition of 2,848 MW renewable capacity, comprised of 2,418 MW in solar and an additional 430 MW in wind projects. It’s notable that AGEL has now become the first company in India to breach the 10,000 MW mark in the renewable energy sector.
The company makes a significant environmental impact with its 10.9 GW operational capacity, which is capable of powering over 5.8 million homes while simultaneously averting roughly 21 million tonnes of CO2 emissions each year. AGEL’s flagship initiative—the world’s largest renewable energy project of 30,000 MW being developed on barren tracts of land at Khavda in Gujarat—has already seen the realization of 2,000 MW within just 12 months of breaking ground.
Additionally, AGEL’s commitment to sustainable energy has been globally recognized with the unveiling of ‘Energy Revolution: The Adani Green Energy Gallery’, at the esteemed Science Museum in London, UK. This new exhibition space explores methods for the generation and utilization of energy in a more sustainable manner, highlighting the urgency to decarbonize for mitigating the impacts of climate change.
As AGEL strides forward with this accelerated momentum, its actions support the assertion that renewable energy is not just the cornerstone of India’s energy security, but also a critical lever in the global fight against climate change. The company’s achievements are paving the way for a greener, more sustainable energy future, and its raised targets reflect both the potential and the imperative of a swift transition to renewable energy sources.
