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					</table><p>Gujarat-based power company <a href="https://www.torrentpower.com/index.php/site/indexs" target="_blank" rel="noopener">Torrent Power</a> recorded revenue of ₹66.19 billion (~$832.01 million) in the first quarter (Q1) of the financial year (FY) 2023, a year-over-year (YoY) increase of 110% compared to ₹31.35 billion (~$394.06 million) in Q1 FY22.</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBIDTA) were ₹11.69 billion (~$146.94 million), an increase of 53% YoY compared to ₹7.64 billion (~$96.03 million).</p>
<p>Torrent Power recorded a total profit of ₹5.03 billion (~$63.22 million) in Q1 FY23, an increase of 141% compared to a total comprehensive income of ₹2.09 billion (~$26.27 million) in Q1 FY22. In March, the company announced the acquisition of 51% equity share capital in the Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation.</p>
<p>The company has an aggregate installed generation capacity of 4,160 MW, comprising 1,068 MW of renewable capacity. Renewable projects of 715 MW are under development. Total generation capacity, including under-development capacity, will be 4,875 MW with a renewable capacity of 1,783 MW.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-39578 " src="https://mercomindia.com/wp-content/uploads/2022/08/Overview-of-operation.png" alt="Overview of operation" width="950" height="722" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Overview-of-operation.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Overview-of-operation-300x228.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Overview-of-operation-768x584.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Overview-of-operation-650x494.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Overview-of-operation-624x475.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Overview-of-operation-600x456.png 600w" sizes="(max-width: 950px) 100vw, 950px" />Earlier this month, Torrent Power <a href="https://mercomindia.com/torrent-power-acquires-50-mw-wind-inox-green/" target="_blank" rel="noopener">acquired</a> a 100% stake in Wind Two Renergy from lnox Green Energy Services. The estimated acquisition cost is ₹325.1 million (~$4.09 million), representing 100% of the paid-up capital of Wind Two Renergy. The company has acquired 32.51 million equity shares of Wind Two Renergy.</p>
<p>In July, Torrent Power <a href="https://mercomindia.com/daily-news-wrap-up-torrent-power-receives-loa-wind-project-karnataka/" target="_blank" rel="noopener">received</a> a letter of award from the Solar Energy Corporation of India for the long-term power purchase agreement for a 300 MW wind power project in Karnataka. The project was part of the bids invited by the Solar Energy Corporation of India for 1,200 MW inter-state transmission connected wind power projects (Tranche -XII). The company won the capacity by quoting ₹2.94 (~$0.0379)/kWh.</p>
<p>Torrent Power has also <a href="https://mercomindia.com/torrent-power-acquires-a-50-mw-solar-project-in-telangana/" target="_blank" rel="noopener">signed</a> a share purchase agreement to acquire a 100% stake in the special purpose vehicle (SPV) operating a 50 MW solar project in Telangana. The agreement was signed with SkyPower Southeast Asia III investments and SkyPower Southeast Asia Holdings 2, which owned the SPV – Sunshakti Solar Power Projects. The estimated acquisition cost was ₹4.17 billion (~$54.41 million).</p>
<p>Torrent has <a href="https://mercomindia.com/torrent-acquires-25-mw-solar-project-gujarat/" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100% equity share capital of Visual Percept Solar Projects, an SPV. The acquisition value was estimated at ₹1.63 billion (~$21.71 million).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Torrent Power Records a 110% YoY Increase in Revenue in Q1 FY23


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					</table><p>Renewable energy company Adani Green Energy (<a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">AGEL</a>) has generated revenue of ₹13.28 billion (~$168.72 million) from the sale of energy in the first quarter (Q1) of the financial year (FY) 2023, a 57% year-over-year (YoY) increase over ₹8.48 billion (~$107.73 million) in the same period last year.</p>
<p>The cash profit for Q1 FY 2023 stood at ₹6.8 billion (~$86.39 million), an increase of 48% compared to ₹4.6 billion (~$58.44 million) in the same period last year.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) from the power supply for Q1 FY 2023 was ₹12.65 billion (~$160.71 million), a YoY increase of 60% compared to ₹7.89 billion (~$100.23 million).</p>
<p>AGEL’s increase in the sale of energy in Q1 FY 2023 was backed by a capacity addition of 5,800 MW integrating the portfolio of SB Energy, consistent high plant availability of 100%, and improved grid availability of 99%.</p>
<p>The high solar-wind hybrid cumulative utilization factor CUF is backed by technologically advanced solar modules and wind turbine generators (WTGs), high plant availability of  100%, and high grid availability of 100%. The wind CUF improvement is backed by technologically advanced WTGs, improved plant availability at 96%, and improved wind speed.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/08/adani-operational-capacity.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-39350 size-full" src="https://mercomindia.com/wp-content/uploads/2022/08/adani-operational-capacity.png" alt="adani operational capacity" width="612" height="608" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/adani-operational-capacity.png 612w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/adani-operational-capacity-300x298.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/adani-operational-capacity-150x150.png 150w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/adani-operational-capacity-45x45.png 45w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/adani-operational-capacity-600x596.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/adani-operational-capacity-100x100.png 100w" sizes="(max-width: 612px) 100vw, 612px" /></a></p>
<p>In April this year, Abu Dhabi-based public joint-stock company International Holding Company PJSC <a href="https://mercomindia.com/adani-green-to-receive-500-million-of-ihcs-2-billion-investment/" target="_blank" rel="noopener">announced</a> an investment of $500 million in Adani Green Energy. The investment was part of a more extensive $2 billion investment for three Adani companies. Adani Transmission received $500 million, while Adani Enterprises received $1 billion through a preferential allotment route.</p>
<p>In March this year, Adani Green Energy <a href="https://mercomindia.com/adani-green-288-million-solar-wind-hybrid-rajasthan/" target="_blank" rel="noopener">raised</a> a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with leading lenders. The facility is expected to help finance 450 MW of the company’s hybrid solar and wind projects in Rajasthan.</p>
<p>In February, three subsidiaries of Adani Green Energy – Adani Green Energy (UP), Prayatna Developers, and Parampujya Solar Energy &#8212; <a href="https://mercomindia.com/adani-green-debt-refinancing/" target="_blank" rel="noopener">raised</a> ₹6.12 billion (~$77.75 million) through their maiden domestic bond issuance on a private placement basis.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Adani Green Registers a 57% YoY Rise in Revenue in Q1 FY2023

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