Adani Green Energy (AGEL), the renewable energy arm of the Adani Group, has reported a quadrupling of its net profit for the fourth quarter of FY2023. The company's net profit for the quarter rose by 392.2% to Rs 507 crore, up from Rs 103 crore in the same quarter the previous year. AGEL attributes the profit surge to its focus on deploying the latest renewable technologies.
“The sale of energy has increased by 58% YoY to 14,880 million units in FY2023 primarily backed by strong capacity addition, analytics-driven O&M enabling high plant availability, and deployment of latest renewable technologies,” the company said in a statement.
AGEL has also signed power purchase agreements (PPAs) for 450 MW of wind projects and 650 MW of solar projects with SECI in FY2023, further strengthening its project pipeline. The Supreme Court order from APTEL for 288 MW solar plants at Kamuthi in Tamil Nadu has resulted in a one-time revenue upside of Rs 748 crore (including late payment surcharge) and a recurring positive annual impact of Rs 90 crore.
The company has realized 3.9 million carbon credits in FY2023, generating revenue of Rs 157 crore. AGEL has added a massive 2,676 MW renewable capacity to its operational fleet in FY2023, including 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh, and 212 MW solar power plants in Rajasthan.
“We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India's obligations to a greener future,” said Gautam Adani, Chairman of the Adani Group. The company is reportedly looking to raise about $800 million for new green energy projects, with discussions underway with global banks including Sumitomo Mitsui Banking Corp., DBS Bank, Mitsubishi UFJ Financial Group, and Standard Chartered. This would be the company's biggest borrowing since the Hindenburg report.
The company's push towards renewable energy aligns with India's plan to install 500 GW of renewable energy capacity by 2030. With the impressive growth figures and a clear vision towards sustainable energy, Adani Green Energy is poised for continued success in the future.
