Renewable energy company Adani Green Energy (AGEL) generated revenue of ₹28.06 billion (~$336.29 million) in the fourth quarter (Q4) of the financial year (FY) 2023-24, an increase of 4.89% year over year (YoY) from ₹26.75 (~$320.5 million).

The company recorded a net profit of ₹3.1 billion (~$37.2 million), an increase of 21% YoY, compared to ₹2.56 billion (~$30.7 million).

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from power supply for the quarter was recorded at ₹18.11 billion (~$217.02 million), a decrease of 27% YoY.

The increase in revenue, EBITDA, and cash profit can be mainly attributed to the expansion of capacity by 2,848 MW in the past year, consistent capacity utilization rates for the solar portfolio, and improved rates for both wind and solar-wind hybrid portfolios.

The company’s CUF for wind assets for Q4 was 21.6%, compared to 20.4% YoY. The CUF for solar assets was 25.4% compared to 26.8% for Q4 FY 2023. The CUF for wind-solar hybrid projects was 38% compared to 36.9%.

Full Year 2024

AGEL recorded a revenue of ₹104.6 billion (~$1.2 billion), an increase of 21.3% YoY, compared to ₹ 86.17 billion (~$1.03 billion) during FY 2023.

During the year, the company recorded a net profit of ₹12.6 billion (~$151.19 million), an increase of 29.4% YoY.

For the year, revenue from renewable power generation and other ancillary activities accounted for ₹92.2 billion (~$1.1 billion), an increase of 18.5% YoY compared to ₹77.76 (~$932.3 million).

Notably, the sale of solar power equipment fetched the company ₹12.98 billion (~$155.6 million) in 2024, an increase of 83.5% YoY as compared to ₹7.07 billion (~$84.7 milion).

Adjusted EBITDA from the power supply for the period was recorded at ₹70.87 billion (~$849.3 million), an increase of 44% YoY.

The company’s CUF for wind assets was 24.5%, compared to 24.7% YoY. The CUF for solar assets remained at 24.5%. The CUF for wind-solar hybrid projects was 40.7% compared to 35.5%.

AGEL has successfully refinanced its existing Restricted Group 1 bond, originally due in December 2024, by issuing new bonds totaling $409 million. The oversubscribed issue, priced at 6.7%, significantly undercuts the trading bond yield of the previous bond.

This new bond, structured with an amortizing feature and an 18-year tenure, aligns closely with project cash flows, reducing debt servicing risks.

The company has also commenced construction on its inaugural pumped hydro storage project (PSP), a 500 MW facility on the Chitravathi River in Andhra Pradesh. This project, located at Peddakotla, will utilize an existing reservoir as the lower reservoir while developing an upper reservoir.

Expected to generate 500 MW with an estimated 6.2 generation hours daily, all requisite approvals, including the final DPR approval, are secured, and financial closure is achieved.

Currently, the company has 10,934 MW of operational renewable energy capacity, and another 11,019 MW is under execution.

AGEL’s development pipeline includes hydro-pumped storage projects across Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana, aiming for over 5 GW of PSP capacity by 2030.

Consequently, AGEL is revising its renewable energy capacity target upward to 50 GW by 2030, with an increasing emphasis on storage solutions to accelerate renewable integration into the grid, aligning with India’s non-fossil fuel target of 500 GW by 2030.

AGEL generated revenue of ₹17.65 billion (~$212.29 million) from the power supply in the third quarter (Q3) of the financial year (FY) 2023-24, a 40% year-over-year (YoY) increase from ₹12.58 billion (~$151.31 million).