Gautam Adani’s renewable energy unit quadrupled its net profit for the fourth quarter of FY2023 to Rs 507 crore, up 392.2 per cent from Rs 103 crore in the same quarter previous year. The conglomerate’s profit surged on the back of its focus on deployment of the latest renewable technologies. Adani Green Energy (AGEL) has signed PPAs for 450 MW wind projects and 650 MW solar projects with SECI in FY2023 further strengthening the firm project pipeline. “The sale of energy has increased by 58 per cent YoY to 14,880 mn units in FY2023 primarily backed by strong capacity addition, analytics driven O&M enabling high plant availability and deployment of latest renewable technologies,” the company stated.
The Supreme Court order from APTEL for 288 MW solar plants at Kamuthi in Tamil Nadu has resulted in a one-time revenue upside of Rs 748 crore (including late payment surcharge) and recurring positive annual impact of Rs 90 crore. In FY2023, AGEL has realized 3.9 million carbon credits generating revenue of Rs 157 crore.
AGEL has added a massive 2,676 MW renewable capacity to its operational fleet in FY2023. This includes 2,140 MW solar-wind hybrid plants in Rajasthan, 325 MW wind power plant in Madhya Pradesh and 212 MW solar power plants in Rajasthan.
“We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future,” said Gautam Adani, Chairman, Adani Group. Earlier, media reports had said that Adani Group is aiming to raise about $800 million for new green energy projects and has had discussions with global banks including Sumitomo Mitsui Banking Corp., DBS Bank.,Mitsubishi UFJ Financial Group and Standard Chartered. This would be the company’s biggest borrowing since the Hindenburg report. This is in line with India’s plan to install 500 GW of renewable energy capacity by 2030.