Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, has announced its operational and financial performance for the financial year (FY) 2019 and the fourth quarter ending March 31, 2019.

The financial statement shows that for FY 2019, its revenue stood at ₹20.58 billion ($295 million) from the earlier ₹14.8 billion ($212 million), up 39% year-over-year (YoY). While just in the fourth quarter, the revenues saw a rise of 68% compared to the same quarter of 2018.

The company stated that this increase in revenue has been primarily on account of increase in operating capacity by 12% to 1,970 MW (AC) (Solar-1,898 MW and wind -72 MW) from 1,758 MW (AC) (Solar-1,698 MW and Wind-60 MW).

Its consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) was ₹17.10 billion ($245 million), up 105% YoY.

In terms of operational highlights, AGEL has stated it has a total of 2,020 MW of renewable capacity that is operational, including a 50 MW project commissioned in May 2019. The company has a target of achieving 4,560 MW of operational renewable capacity by FY 2021.

In the solar sector for FY 2019, AGEL had a capacity utilization factor (CUF) of 22% against 21% in the last year.

As on March 31, 2019, AGEL posted a loss after tax for FY 19 at ₹5.02 billion ($71.8 million) with a cash profit of ₹7.92 billion ($113.34 million).

“One of India’s major advantages is that its renewable energy potential is vast and largely untapped. Recent estimates indicate that India’s solar potential is greater than 10,000 GW and its wind potential over 2,000 GW. To fully take advantage of India’s renewable energy potential over the next few years will require new initiatives from central and state governments — beyond policy and programs currently in place — to support the engagement and participation of power sector stakeholders including renewable energy industry  developers, grid operators, public and private finance providers, consumers, and others”, Gautam Adani, the chairman of AGEL said.

Adani Green Energy Limited (AGEL), is the renewable energy arm of the Adani Group and is one of the largest renewable power generators in India with a presence across eleven states. The company has an installed renewable energy capacity of 1,970 MW as on March 31, 2019, according to a statement by the company.

In 2018, ACME, Adani, and Essel were the top three developers of utility-scale solar projects in India in terms of installed capacity and accounted for 27% of installations in the year, according to the Mercom India’s Solar Leader Board. AGEL had the second largest installed capacity in 2018; the company was also second in 2017, according to an announcement of its financial performance for the nine months and third quarter ending December 31, 2018.

The company had announced that it won 390 MW of solar wind hybrid and 75 MW of solar projects in Q3’19.

Earlier, AGEL had announced the acquisition of a 51% equity share capital in Kodangal Solar Parks Private Limited (KSPPL), comprising a 20 MW solar project which was incorporated back in August 2015.

In a filing to the Securities and Exchange Board of India (SEBI), Adani Renewables mentioned that it had acquired the remaining equity stake in the solar project from FS India Devco Private Limited.

“With the strong results for FY 2019, Adani Green Energy is rapidly cementing its place as one of the leading renewable energy players in India. We have reached an operational capacity of 2.02GW and are on course to reach 4.56 GW by FY 2021. Going forward, the company aspires to be among the leading global players in renewables. We follow a disciplined investment framework and capital management policies to create shareholder value by driving Return on Equity along with accretive growth”, said Jayant Parimal, CEO, AGEL.