Adani Group's renewable energy arm Adani Green Energy Ltd (AGEL) grew its operational capacity during Q1/FY2024 (period ending June 30, 2023) by 43% annually to over 8.3 GW AC, including 4.97 GW AC solar whose share increased by 4% during the period.
The share of solar-wind hybrid went up close to 450% to 2.14 GW compared to 390 MW a year back. Capacity addition also led to improvement in sale of energy that the company says increased by 70% YoY to 6,023 million units.
During the reporting period, AGEL commissioned 1.75 GW solar-wind hybrid power plants in Rajasthan, along with 212 MW solar capacity in Rajasthan and 554 MW wind in Gujarat and Madhya Pradesh.
Capacity utilization factor (CUF) for solar portfolio improved to 26.9%, from 26.5% in Q1/FY2023 due to consistent high plant availability and improved solar irradiation, the company added. However, lower wind speed pulled down the wind portfolio CUF. The same parameter for solar-wind hybrid increased by 380 bps to 47.2%, thanks mainly to the use of advanced technology, including bifacial panels and horizontal single– axis trackers.
Management said AGEL's revenues from power supply grew by 55% to INR 20.59 billion ($250 million), while reported EBITDA jumped 53% annually to INR 19.38 billion ($236 million).
"We aim to grow our renewable power capacity to 45 GW by 2030 through solar, wind and solar-wind hybrid solutions as major contributors," said AGEL CEO Amit Singh. "To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges."
Recently, another Adani Group entity Adani New Industries Limited (ANIL) raised $394 million in financing from Barclays and Deutsche Bank for its integrated solar module manufacturing facility (see Adani Launches New Energy Business Subsidiary).
The group is building a fully integrated and comprehensive ecosystem of 10 GW for solar PV manufacturing in India.