Tag: Adani Green Energy Limited

Business World

Adani Green Energy to acquire 75 MW operating solar projects from Sterling & Wilson for Rs. 446 Cr

Mar 25, 2021 by Neel Achary 0 Comments #Adani Green Energy Limited

Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, todayannounced that it hassigned a share purchase agreement for the acquisition of 100% stake in two SPVs holding75 MWoperating solar projects ofSterling &Wilson Private Limited, a Shapoorji Pallonji group company.

The projects, commissioned in 2017, are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana.

The enterprise valuation of the two target SPVs is Rs. 446Cr. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions.

Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, “Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

About Adani Green Energy Limited
Adani Green Energy Limited (“AGEL”), a part of India-based Adani Group, has one of the largest global renewable portfolios with15.2 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (“NTPC”), Solar Energy Corporation of India (“SECI”) and various state discoms. Earlier this year, Mercom Capital, the US-based think tank ranked the Adani Group as the #1 global solar power generation asset owner. For more information, please visitwww.adanigreenenergy.com

Business World

Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global

Mar 21, 2021 by Neel Achary 0 Comments #Adani Green Energy Limited, #SkyPower Global

Ahmedabad, 21 March, 2021: Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for acquisition of 100% stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global.

The project is located in Telangana and was commissioned in Oct 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.

Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, “Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

Business World, News

AGEL’s Operational Capacity grows to 3,245 MW with addition of 700 MW in YTDFY21

Feb 5, 2021 by Rekha Nair 0 Comments #Adani Green Energy Limited, #Adani Green Energy Ltd, #Chairman, #MD & CEO, #Mr. Gautam Adani, #Mr. Vneet S. Jaain

Ahmedabad: Adani Green Energy Ltd. [“AGEL”], a part of the Adani Group, announced the financial results for the financial periodended December 31, 2020.The Operational Performance Snapshot for the periodis follows:

Operational Performance:

Particulars Quarterly performance Nine month performance
Q3 FY21 Q3 FY20 % change 9M FY21 9M FY20 % change
Sale of Energy (Mn units) 1,303 995 31% 3,888 3,083 26%
–          Solar 1,200 945 27% 3,420 2,928 17%
–          Wind 103 50 106% 468 155 202%
 
Solar portfolioCUF (%) 20.8% 20.0% 21.9% 21.7%
Wind portfolioCUF (%) 18.9% 20.9% 28.8% 28.5%

Sale of Energy for Q3 FY21 increased by 31% YoY on the back of capacity addition of 530 MW andimproved Solar CUF.

Solar CUF increased by 80 bpsYoY at 20.8% in Q3 FY21with80 bps improvement YoY in Plant availabilityat ~ 100%and consistent Solar irradiation.

Wind CUF decreased by 200 bps YoY at 18.9% in Q3 FY21 due to lower wind speed (4.9 v/s 5.6 meters/sec YoY) although well compensated by 630 bps improvement in plant availabilityat 94.8% Q3 FY21. Wind CUF has improved by 30 bps for 9M FY21.

Financial Performance:

(Rs. Cr.)

Particulars Quarterly performance Nine month performance
Q3 FY21 Q3 FY20 % Change 9M FY21 9M FY20 % Change
Total Income 843 523 61% 2,439 1,910 28%
Revenue from Power Supply 591 452 31% 1,729 1,464 18%
Total EBITDA1 638 367 74% 1,917 1,323 45%
EBITDA from Power Supply2 532 397 34% 1,582 1,313 20%
EBITDA from Power Supply (%) 90% 87% 91% 89%
Cash Profit3 285 9 33x 877 360 2.4x
    • Revenue from Power Supply in Q3 FY21 increased backed by added capacities and improved Solar CUF.
    • EBITDA from Power Supply in Q3 FY21 increased backed by improved revenue performance and optimization of O&M cost.
    • EBITDA margin from Power supplyin Q3 FY21 improved by ~ 300 bps to 90% backed by improved plant availability leading to higher energy generation and optimization of O&M cost.
    • Significant improvement in Cash Profit backed by increased revenue and EBITDA.

TOTAL deepens Strategic Alliance towards Sustainable future with acquisition of 20% equity stake in AGEL:

  • Pursuant to the announcement by Adani and TOTAL last month, TOTAL completed acquisition of a 20% equity stake in AGEL by way of acquisition of shares held by Adani Promoter groupin AGEL.
  • The transaction marks the deepening of the strategic alliance between Adani and TOTAL, a global energy major with presence across 130+ countries.
  • The investment in AGEL is another step in the strategic alliance between Adani Group and TOTAL, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India. This is in-line with the commitment of both Adani & TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.
  •  TOTAL made aggregate investment of USD 2.5 bn towards acquisition of a 50% stake in a 2.35 GW portfolio of operating solar assets owned by AGEL and a 20% stake in AGEL.

 

AGEL’s operational capacity grows to 3,245 MW with addition to 700 MW in YTD FY21; Latest addition of 150 MW in Q3 FY21 and further295 MW postDec 2020:

  • Nov 2020: AGEL commissioned 50 MW solar power plant at Rawra, Rajasthanfor sale of power to third parties or on power exchange.
  • Dec 2020: AGEL commissioned 100 MW solar power plant at Khirsara, Gujarat, ahead of schedule. The project has a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam India at Rs. 2.44/kWh.

In addition to above post Dec 2020, (i)AGEL commissioned 150 MW solar power plantatKutchh, Gujarat (tariff – Rs. 2.67/kWh), (ii) commissioned50 MW solar power plant at Jaladabad in Uttar Pradesh (tariff – Rs. 3.22/ kWh)(iii) commissioned50 MW solar power plant at Sahaswan in Uttar Pradesh (tariff – Rs. 3.19/ kWh) (iv) commissioned 25 MW solar power plant at Chitrakoot, Uttar Pradesh (tariff – Rs. 3.08/kWh) and (v) signed an agreement to acquire 20 MW Operating Solar Asset in Mahoba, Uttar Pradesh (tariff – Rs. 7.54/KWh).

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Green Energy Limited said, “Over the past year we have accelerated our commitment to the Renewable Energy Space based on the new data that has become available. I fundamentally believe that the targets of renewable power will continue to be raised given the need as well as the affordability. We recognize that we have an opportunity to play a leading role on behalf of our nation as India establishes one of the fastest rates of decarbonization ever witnessed. Our partnership with Total and their experience puts us on an even stronger platform as we further expand on our sustainability ambitions.”

Mr.Vneet S. Jaain, MD &CEO, Adani Green Energy Ltd said, “Adani Green Energy has emerged as aleader in Operational Performance of Solar & Wind plants across Indiaas demonstrated by the ‘Leadership in Performance’award conferred to our plants at CII Performance Excellence Awards 2020.

AGEL has also continued its rapid capacity building despite the ongoing pandemic adding 700 MW in YTD FY21 with commissioning of 475 MW and 225 MW added through inorganic opportunities.

This has been possible with our thrust on 3 years of advance resource planning ensuring commissioning of plants ahead of schedule and we will continue to rapidly move towards our goal to commission 25 GW by 2025.”

Business World

AGEL commissions 100 MW Solar Power Plants in Uttar Pradesh, ahead of schedule

Feb 1, 2021 by Neel Achary 0 Comments #Adani Green Energy Limited

Ahmedabad, February 1st, 2021: ASE4PL, a subsidiary of Adani Green Energy Limited (‘AGEL’), commissioned 100 MW (2×50 MW) Solar Power Plants at Jalalabad in Shahjahanpur district and Sahaswan in Budaun district of Uttar Pradesh. Our team of experts made it possible to commission the plants almost 1 month ahead to their scheduled commissioning date. Both the plants have Power Purchase Agreements (‘PPAs’) with Uttar Pradesh Power Corporation Limited (‘UPPCL’) at Rs. 3.22/kWh and 3.19/kWh, for a period of 25 years.

AGEL’s Energy Network Operation Centre (‘ENOC’) platform which has continuously demonstrated and aided us in achieving superior operational performance of our entire solar and wind plants spread across diverse locations in India, will also embrace these two commissioned solar power plants for delivering consistent performance.
With this, we have added a capacity of 700 MW capacity since the beginning of challenging COVID-19 pandemic crisis. This places AGEL’s total renewable portfolio of 14,815 MW well on track to reach its vision of 25 GW capacity by 2025.

Speaking on this development, Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, “ The Company’s approach of 3 years of advanced site resource estimation, design planning, supply chain assurance with our team’s commitment and ability to deliver projects with great focus, makes it possible for us to execute the projects ahead of committed schedule. It also asserts our expertise in executing and operating the plants. With this, we continue to strengthen our advancement towards our long-term vision to achieve renewable capacity of
25 GW by 2025 through a mix of strategic approach and operational excellence.”

Business World

AGEL commissions 25 MW Solar Power Plant at Chitrakoot, Uttar Pradesh

Jan 11, 2021 by Neel Achary 0 Comments #Adani Green Energy Limited, #Adani Solar Energy Chitrakoot One Limited

Ahmedabad: Adani Solar Energy Chitrakoot One Limited, a step-down subsidiary of Adani Green Energy Limited (“AGEL”) has commissioned 25 MW solar power plant.

This plant has a Power Purchase Agreement (PPA) with Noida Power Company Limited (“NPCL”) at Rs. 3.08/KWh. With this commissioning AGEL’s total operational renewable capacity grows to 2,975 MW.

The plant will be connected to our state-of-the-art Energy Network Operation Centre (ENOC) that continuously monitors and analyses performance of 80+ solar and wind plants across diverse locations in India.

Recently, AGEL has also commissioned and announced 100 MW Solar Power plant, despite of ongoing pandemic backed by advance resource planning.

With the commissioning of this project AGEL has total renewable capacity of 14,795 MW including 11,820 MW awarded and under implementation projects.

Speaking on this development Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said, “Adani Green is on its course to achieve renewable capacity of 25 GW by 2025 and become the world’s largest renewable power company by 2030. It also reinforces AGEL’s commitment to lead India’s transition towards a greener future through a strategic approach and operational excellence.”

Business World

Adani ranked as the largest solar power generation owner in the world

Sep 2, 2020 by Gouri Achary 0 Comments #Adani Green Energy Limited, #Chairman of the Adani Group, #global solar companies, #Mr. Gautam Adani

The latest ranking of global solar companies by Mercom Capital ranks the Adani Group as the #1 global solar power generation asset owner in terms of operating, under construction and awarded solar projects. Adani’srenewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets. The group is one of the most fully integrated solar players in the world, manufacturing solar cells and modules, undertaking project development, construction, financial structuring and owning and operating its assets through its robust internal asset management platform.

Adani Ranking by Mercom

The growth story of AGEL mirrors the global growth story of Renewable Energy following the audacious promise made by the Hon’ble Prime Minister of India Mr. Narendra Modi at the COP 21 International Solar Alliance meeting held in Paris in December 2015. His vision foresaw India accelerating towards a rapid transition to Renewable Power. This is now manifested by the fact that India is one of just six nations and by far the largest that is on track to meet the COP21 goals.

Adani Green Energy Limited (AGEL)established its first solar project in 2015 and even as recently as 2017 the Company had completed just two solar projects. The Company went public (NSE: ADANIGREEN) in 2018 and has accelerated its presence to reach the current milestone of being the largest solar player in the world in a short span of just 5 years, with a target to achieve an installed generation capacity of 25GWacof renewable power by 2025.

In response to this ranking, Mr. Gautam Adani, Chairman of the Adani Group said: “Achieving this ranking is a direct result of our commitment to creating the infrastructure needed for a clean-powered future. While we are pleased to be ranked the largest solar player in the world, we recognize that there is a lot more that remains for us to do as the world transitions into an increasingly decarbonized energy landscape. We anticipate that over the next decade several existing business models will be impacted as a result of the disruption caused by the intersection of plummeting cost of renewable energy and the ability of technology to rescale industries.

We expect our renewable energy platform will create new possibilities for our core business and we will be able to address some of the most intractable problems that humankind has faced, including affordable decentralized energy, availability of distributed clean water, green hydrogen as an alternate fuel, and micro agriculture, among others. Building partnerships with major industrials, data centre providers, and global integrated energy players that seek to reduce their carbon footprints will also continue to further accelerate our growth. AGEL was launched just five years ago, our story is only beginning”.

AGELalso achieved the top spot in the global ranking in terms of under construction and awarded capacity with 10.1 GW of projects, making it the definitive leader in mega-scale renewable energy project deployments. As India pushes to invite more global business partners to invest domestically, it sees its growing renewable footprint as helping companies simultaneously fulfil two essential goals: tapping into one of the fastest-growing consumer markets and achieving their sustainability targets. The Adani Group has positioned itself at this intersection to help its partners attain both these objectives.