Renewable energy company Adani Green Energy (AGEL) has generated revenue of ₹20.59 billion (~$250.36 million) from the sale of energy in the first quarter (Q1) of the financial year (FY) 2024, a 55% year-over-year increase (YoY) from ₹13.28 billion (~$165.11 million).

The company’s cash profit for Q1 FY24 stood at ₹10.51 billion (~$127.79 million), an increase of 55% YoY.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for the April to June period was ₹19.38 billion (~$235.64 million), a YoY increase of 53%.

The robust growth in revenue, EBITDA, and cash profit was primarily driven by a capacity addition of 2,516 MW of renewables over the last year.

AGEL has a total operational renewable capacity of 8,316 MW, with the addition of 1,750 MW solar-wind hybrid, 212 MW solar, and 554 MW wind power projects over the last year.

During the quarter, the company experienced a remarkable 70% YoY increase in energy sales, reaching 6,023 million units. Substantial capacity additions primarily drove this growth.

AGEL’s solar portfolio demonstrated an improved capacity utilization factor (CUF) of 26.9%, a 40 basis points increase compared to the same period last year. This improvement can be attributed to consistently high project availability and enhanced solar irradiation.

Although the wind portfolio witnessed a 34% growth in energy sales due to robust capacity additions, the wind CUF declined compared to the previous year. According to the company, this was mainly due to relatively lower wind speeds, which were higher in the preceding year.

AGEL’s solar-wind hybrid portfolio, with a capacity of 2,140 MW, recorded a strong CUF of 47.2%, indicating a significant 380 basis points increase. This growth was supported by implementing new projects featuring technologically advanced solar modules (including bifacial modules and horizontal single-axis trackers) and wind turbines, as well as high project and grid availability and improved solar irradiation.

Adani Green plans to raise ₹123 billion (~$1.4 billion) through the sale of shares via qualified institutional placement or permissible methods. Adani Green intends to issue a specific number of equity shares, each having a face value of ₹10 (~$0.12), alongside other eligible securities or a combination thereof. The aggregate amount raised will not exceed ₹123 billion (~$1.4 billion) or an equivalent sum.

Adani Green was among the top five utility-scale solar project developers in 2022, according to Mercom’s India Solar Market Leaderboard 2023. The company had a market share of 11%.