Renewable energy company Adani Green Energy (AGEL) reported that its revenue surged by 24% year-over-year to ₹25.28 billion (~$301 million) in the first quarter of financial year 2025, driven primarily by capacity additions.

The revenue growth was accompanied by a 23% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached ₹23.74 billion (~$283 million) at an EBITDA margin of 92.6%.

The company also reported a 32% jump in cash profit, which climbed to ₹13.90 billion (~$166 million), underpinned by AGEL’s expanding operational footprint, with its capacity growing by 31% to reach 10,934 MW.

This expansion included greenfield additions of 2,618 MW over the past year, translating into higher energy sales, which rose by 22% to 7,356 million units.

The company’s solar segment maintained a capacity utilization factor (CUF) of 25.4%, supported by 99.4% plant availability. The wind portfolio achieved a CUF of 36.2% with 96.8% plant availability, while the hybrid portfolio demonstrated a CUF of 46% and near-perfect plant availability at 99.7%.

AGEL said it operationalized 250 MW of wind power capacity at Khavda in July 2024, employing India’s largest 5.2 MW wind turbine generators. This addition brings the total operational capacity at Khavda to 2.25 GW.

The company added it remains on track to achieve its target of 50 GW capacity by 2030.

In May, the company secured a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year.

Adani Green was also the top utility-scale solar project developer in the calendar year 2023, accounting for 28.9% of the yearly capacity additions, according to Mercom’s India Solar Market Leaderboard 2024. It added 525 MW of solar capacity as a part of a 700 MW wind-solar hybrid power project in Jaisalmer, Rajasthan.

In December 2023, the company secured a follow-on funding of $1.36 billion and enhanced its construction financing pool to $3 billion to fund a 2,167 MW renewable energy park in Khavda, Gujarat.