Adani Green's Renewable Capacity Up 35% YoY to 7,324 MW in 9M FY23

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Adani Green Energy’s (AGEL) total operational capacity has increased 35% year-over-year (YoY) to 7,324 MW in the first nine months (9M) of the current financial year.

The company’s operational portfolio comprises solar, wind, and hybrid projects.

The solar capacity increased by 3% YoY to 4,913 MW from 4,763 MW, and wind capacity was recorded at 971 MW, a 50.08% YoY increase from 647 MW.

Its hybrid power generation capacity reached 1,440 MW, with the commissioning of its third wind-solar hybrid power project of 450 MW in Jaisalmer, Rajasthan.

Adani Green has 9,877 MW of projects under execution and 3,233 MW of capacity nearing construction.

The company commissioned a few major renewable projects during the period, including a 325 MW wind power project in Madhya Pradesh and a 150 MW solar power project in Rajasthan.

AGEL capacity

Operational Performance

The solar portfolio capacity utilization factor (CUF) improved by 140 basis points (bps) to 24%. The project availability was 99.5%.

The improved performance of the solar portfolio was primarily backed by the SB Energy portfolio with a CUF of 26%, higher grid availability, and solar irradiation.

Wind portfolio CUF stood at 27.1% with a 610 bps reduction YoY. The drop was primarily due to a one-off disruption in the transmission line of a 150 MW project in Gujarat. Though it has now been restored fully, the impact of this event could to be ~0.5% of the expected annual generation of the overall operational capacity.

Hybrid portfolio CUF stood at 34%, backed by 99.3% project availability.

Adani Green realized 3.8 million carbon credits in 9M FY23.

Sale of electricity

Adani Green’s sale of energy increased by 59% YoY to 10,235 million units (MU) in 9M FY23 compared to 6,456 MU in 9M FY22.

Out of the total energy sold, 7,585 MU was generated by solar projects, 1,392 MW by wind, and 1,258 MU by hybrid projects.

Through its subsidiary Adani Solar Energy AP Six, AGEL raised a project loan facility of ¥27.95 billion (~$214.59 million) to help refinance its debt. The facility includes amortizing project loans, a 16-year debt structure with a door-to-door tenor of ten years and an average tenor of more than eight years.

Last April, the company also received an investment of $500 million from the Abu Dhabi-based public joint-stock company International Holding Company out of the total investment of $2 billion in three of the Adani Group’s companies.

The company’s wholly-owned subsidiary, Adani Renewable Energy Two, recently signed a binding agreement to buy a 50% equity interest in Essel Saurya Urja Company in Rajasthan.