Adani Green Energy’s operational capacity increases 35% in FY24 to 10,934 MW

Adani Green Energy, Adani group’s renewable energy company, said on Monday its operational capacity for the fiscal year 2024 has increased by 35% on a year-over-year (y-o-y) basis to 10,934 megawatts (MW) with greenfield addition of 2,418 MW solar and 430 MW wind power plants.

This includes operationalisation of 2,000 MW as part of ongoing development of the world’s largest 30,000 MW RE project in Khavda, Gujarat, the company said in an exchange filing.

Adani Green Energy (AGEL) said its sales of energy rose by 47% y-o-y at 2,180.6 crore units in FY24. AGEL’s solar portfolio’s capacity utilisation factor (CUF) stood at 24.5% backed by 99.7% plant availability while its wind portfolio CUF stood at 29.4% with 420 basis points (bps) improvement backed by 95.5% plant availability.

Sales of energy rose 6% in FY24 for the solar portfolio while it shot up 71% for the wind portfolio during the fiscal.

Hybrid portfolio CUF stood at 40.7% with 520 bps improvement backed by 99.5% plant availability, it said. Sales of energy increased by 194% for the portfolio during the fiscal year, backed by robust effective capacity addition and improved CUF, the company said.

AGEL had recently announced it has surpassed 10,000 MW of operational portfolio. AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.

During the third quarter of fiscal year 2024, AGEL reported a 40% rise in its operating revenue at ₹1,765 crore. Net profit jumped over 148% to ₹256 crore on a year-over-year (y-o-y) basis.

Earnings before interest, tax, depreciation and amortisation (EBITDA) from power supply rose 40% to ₹1,638 crore during the period. The robust growth in revenue, EBITDA and cash profit was primarily driven by capacity addition of 1,154 MW and improved CUF, the company had said.

Shares of AGEL have risen over 13.5% since the beginning of the year. The stock has gained over 89% in the last one year.