MERC Approves PPAs for Solar Projects Totaling 235 MW in Maharashtra

Adani Green Energy Limited (Adani Green), a part of Adani Group, today announced its financial performance for the nine months and third quarter ending December 31, 2018.

The company announced that it has won 390 MW of solar wind hybrid and 75 MW of solar projects in Q3’19. Post the completion of all the bids and projects under implementation, the company’s operational capacity is expected to reach 4,160 MW, the company said in a media statement.

The company announced that revenues in the nine months of the year increased by 28 percent to ₹13.77 billion ($190 million) from ₹10.75 billion ($150 million) and in Q3’19 by 4 percent to ₹4.56 billion ($64 million) from ₹4.37 ($61.3 million). This was primarily on account of increase in its operating capacity by 177 percent to 1,958 MW-AC (solar-1,898 MW and wind-60MW) from 708 MW.

Increase in Operational Solar Capacity Takes Adani Green’s Revenue up by 4% in Q3 FY19

The EBITDA (earnings before interest, tax, depreciation and amortization) was up 95 percent with ₹3.99 billion ($56 million), compared to ₹2.05 billion (~$28.8 million) in the same quarter last year.

Depreciation in the third quarter was at ₹2.7 billion (~$37.9 million), up by ₹1 billion (~$14 million) compared to the second quarter.

Net loss for Q3’19 stood at around ₹1.18 billion ($16.6 million). Further, Adani Green reported a loss after tax of ₹3.81 billion ($53.4 million) and cash profit for the 9M’19 standing at ₹5.62 billion ($78 million).

Adani Green Energy recently announced the acquisition of a 51 percent equity share capital in Kodangal Solar Parks Private Limited (KSPPL) from FS India Devco Private Limited.

Mercom recently reported on the news of the Madhya Pradesh Electricity Regulatory Commission (MPERC) dismissing a review petition filed by Madhya Pradesh Power Management Company Limited  seeking relief against an order issued by the commission for a case between MPPMCL and Adani Green Energy.