AGEL plans to invest about INR 15,000 crore to add over 10 GWh of battery storage capacity at its Khavda project by FY2027
The expansion builds on its existing battery portfolio of around 3 GWh
Its FY2026 revenue from power supply rose 22% YoY to INR 11,602 crore, supported by higher capacity and energy sales
Adani Green Energy Limited (AGEL), the green energy arm of India’s Adani Group, plans to invest around INR 15,000 crore on adding upward of 10 GWh of battery energy storage system (BESS) capacity in FY2027. All of this will be located at its Khavda project, where the company is building one of the world’s largest renewable energy plants with a target capacity of 30 GW by 2029.
At present, Khavda has 9.4 GW of wind, solar, and hybrid assets in operation (see India Solar PV News Snippets).
New capacity additions will expand AGEL’s current total installed battery storage capacity of around 3 GWh, including 1.4 GWh added in FY2026 (ended March 31, 2026). Behind the focus on BESS is the fact that batteries operate as a hedge to the lack of grid availability and curtailment, explained AGEL Executive Director Sagar Adani.
“We basically look at funding our BESS portfolio at about INR1.5 crores per megawatt hour. That's the range at which we are setting up our future capacities. And we think that at a very comfortable level, we should be able to get about INR 25 lakhs of EBITDA per megawatt hour from a thumb rule perspective,” added Adani while speaking with analysts on the call.
During FY 2026, AGEL added 5.1 GW of greenfield capacity, 35% higher than the previous year, expanding its cumulative operational capacity to 19.3 GW. “This is the highest greenfield annual capacity extension globally by any company outside China,” said AGEL CEO Ashish Khanna. AGEL targets 50 GW of capacity by 2030.
The new additions include 3.4 GW of solar, including 2.97 GW in Khavda, and 438 MW in Rajasthan, along with 683 MW of wind and 956 MW of solar-wind hybrid capacity in Khavda.
On the revenue side, AGEL’s revenue from power supply increased by 22% year-on-year (YoY) to INR 11,602 crore, while EBITDA went up by 23% to INR 10,865 crore. The company also reported a cash profit of INR 5,399 crore, which was up 11%. Its energy sales jumped 34% YoY to 37,567 million units, thanks to capacity additions during the year.
