Adani Green Energy Ltd (AGEL), the renewable power arm of the diversified Adani Group, as we speak introduced monetary results for the quarter and monetary yr ending 31 March 2023. The sale of power has elevated by 58% YoY to 14,880 mn models in FY23 primarily backed by sturdy capability addition, analytics-driven O&M enabling excessive plant availability and deployment of the newest renewable applied sciences.
AGEL has added an enormous 2,676 MW renewable capability to its operational fleet in FY23, which incorporates 2,140 MW solar-wind hybrid crops in Rajasthan, 325 MW wind energy plant in Madhya Pradesh and 212 MW solar energy crops in Rajasthan. AGEL has signed PPAs for 450 MW wind initiatives and 650 MW photo voltaic initiatives with SECI in FY23 additional strengthening the agency undertaking pipeline.
The photo voltaic portfolio CUF has improved by 90 bps YoY to 24.7% in FY23 with integration of high-quality SB Energy portfolio having a CUF of 26.6% in FY23, constant excessive plant availability, improved grid availability and improved photo voltaic irradiation. For the wind portfolio, the sale of power has elevated considerably backed by sturdy capability addition, although, the wind CUF has decreased primarily because of one-off disruption in transmission line (power majeure) for the 150 MW plant at Gujarat, which is now totally restored.
The newly operationalized solar-wind hybrid portfolio of 2,140 MW deploys newest applied sciences like bifacial PV modules and horizontal single-axis monitoring (HSAT) know-how to seize most power from the solar in addition to technologically superior wind turbine turbines resulting in a excessive hybrid CUF of 35.5%.
“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” stated Mr Gautam Adani, Chairman, Adani Group. “We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”
“We have added massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” stated Mr Vneet S Jaain, MD & CEO, Adani Green Energy Ltd. “AGEL’s operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at ~ 15% CAGR in India in the same period. De-risked project development, analytics driven O&M, disciplined capital management and a strong governance framework continue to be the backbone of our sustained growth. We are proud that we have been able to lead the way towards large scale renewable adoption in India helping the country move closer to its Sustainable Development Goals.”
The sturdy progress in revenues, EBITDA and money revenue is primarily pushed by capability addition of 2,676 MW. Also, the Supreme Court has upheld the favorable order from APTEL for 288 MW photo voltaic crops at Kamuthi in Tamil Nadu that has resulted in one-time income upside of Rs 748 Cr (together with late fee surcharge) and recurring constructive annual affect of ~ Rs 90 Cr. In FY23, AGEL has realized 3.9 Mn carbon credit producing income of Rs. 157 Cr.
The run-rate EBITDA stands at a robust Rs. 7,505 crore 4 with internet debt to run-rate EBITDA of 5.4x 4 as of March 2023 effectively inside stipulated covenant of 7.5x for holdco bond.
Further, the state-of-the-art Energy Network Operation Center (ENOC) allows actual time monitoring of our whole renewable portfolio with info entry to the minutest stage and automatic alerts. With the analytics pushed O&M method, the plant availability is maximized, enabling increased electrical energy era and better revenues. It additionally helps curtail O&M prices, in flip enabling excessive EBITDA margins.
Other Key Updates:
- 97% of AGEL’s rated credit score services are rated on an ‘A’ to ‘AAA’ equal credit standing scale (India) 5
- AGEL has continued to take care of a robust counterparty profile with 86% sovereign/ sovereign equal rated counterparties.
- AGEL’s whole working capability is now ‘Water Positive’ (for crops with > 200 MW capability), ‘Single-Use-Plastic Free’, ‘Zero Waste to Landfill’ licensed.
- AGEL has received the distinguished ‘Platinum’ Environment Award at Grow Care India Environment Management Awards 2022.
- AGEL has continued to take care of best-in-class ESG rankings from world ESG score businesses as given under:
- CSR Hub score (Consensus ESG score) at 97 percentile, constant rating above Alternative Energy world trade common
- Sustainalytics ESG Risk score of ‘Low Risk’ with a rating of 15.3, considerably higher than world Utilities sector common of 32.9
- DJSI-S&P Global Corporate Sustainability Assessment rating of 61/ 100, considerably higher than common World Electric Utility rating of 32/ 100
- MSCI ESG score of ‘A’
About Adani Green Energy Limited
Adani Green Energy Limited (AGEL), a component of India-based Adani Group, has one of the biggest world renewable portfolios with general portfolio of 20.4 GW together with working, under-construction and awarded initiatives catering to investment-grade counterparties. The firm develops, builds, owns, operates and maintains utility-scale grid-connected photo voltaic and wind farm initiatives. Key clients of AGEL embody Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and varied State Discoms. Listed in 2018, AGEL is a listed renewable firm serving to India meet its COP26 objectives.
