Renewable energy company Adani Green Energy (AGEL) has generated revenue of ₹13.28 billion (~$168.72 million) from the sale of energy in the first quarter (Q1) of the financial year (FY) 2023, a 57% year-over-year (YoY) increase over ₹8.48 billion (~$107.73 million) in the same period last year.

The cash profit for Q1 FY 2023 stood at ₹6.8 billion (~$86.39 million), an increase of 48% compared to ₹4.6 billion (~$58.44 million) in the same period last year.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for Q1 FY 2023 was ₹12.65 billion (~$160.71 million), a YoY increase of 60% compared to ₹7.89 billion (~$100.23 million).

AGEL’s increase in the sale of energy in Q1 FY 2023 was backed by a capacity addition of 5,800 MW integrating the portfolio of SB Energy, consistent high plant availability of 100%, and improved grid availability of 99%.

The high solar-wind hybrid cumulative utilization factor CUF is backed by technologically advanced solar modules and wind turbine generators (WTGs), high plant availability of  100%, and high grid availability of 100%. The wind CUF improvement is backed by technologically advanced WTGs, improved plant availability at 96%, and improved wind speed.

In April this year, Abu Dhabi-based public joint-stock company International Holding Company PJSC announced an investment of $500 million in Adani Green Energy. The investment was part of a more extensive $2 billion investment for three Adani companies. Adani Transmission received $500 million, while Adani Enterprises received $1 billion through a preferential allotment route.

In March this year, Adani Green Energy raised a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with leading lenders. The facility is expected to help finance 450 MW of the company’s hybrid solar and wind projects in Rajasthan.

In February, three subsidiaries of Adani Green Energy – Adani Green Energy (UP), Prayatna Developers, and Parampujya Solar Energy — raised ₹6.12 billion (~$77.75 million) through their maiden domestic bond issuance on a private placement basis.