Adani Green Energy Limited (AGEL) will exceed its target of having 45 gigawatt (GW) of renewable energy capacity by 2030, the company’s CEO Amit Singh said on July 31.
The renewable energy company of the Adani Group reported a consolidated net profit of Rs 323 crore for the quarter ended June 2023, up 50.93 percent from Rs 214 crore last year. AGEL’s total revenue stood at Rs 2,404 crore, up 41.32 percent from Rs 1,701 crore reported last year.
In his post-Q1 result address, Singh said the renewable energy capacity addition target of the company will be achieved through three modes – solar, wind and hybrid, which is a mix of solar and wind energy. To ensure round-the-clock power, as solar and wind energy have limitations in terms of their intermittency, he said AGEL is going to focus primarily on pumped storage projects among other energy storage solutions.
“At AGEL we plan to play a key role towards India’s energy transition journey by delivering in excess of 45 GW of renewable energy capacity by 2030. Our current operating capacity stands at 8.3 GW, which is the largest in India. Further, with already signed PPAs (power purchase agreements) and letter of awards, we have the largest lot in growth of up to 24 GW,” Singh said.
India has set a target of having 500 GW of installed power generation capacity through non-fossil sources. The country aims to achieve net zero by 2070.
Singh said the company is also focusing on localising the renewable energy supply chain through a comprehensive vendor development programme. He said that the company is looking to further localise the procurement of wind turbines and solar modules in India.
The CEO further stated that AGEL’s renewable energy capacity has grown at a compound annual growth rate (CAGR) of 33 percent over the last five years, outpacing the overall growth of renewables in the country at a CAGR of 15 percent during the same period.
AGEL’s operational capacity increased by 43 percent to 8,316 MW YoY with the addition of 1,750 MW solar–wind hybrid, 212 MW solar and 554 MW wind power plants over the last one year. The company’s revenue from power supply was up 55 percent on-year at Rs. 2,059 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) from power supply increased by 53 percent YoY to Rs 1,938 Cr with a high EBITDA margin of 92.5 percent.
“To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage such as pumped hydro will be a critical part of our solution mix contribution to a greener future,” Singh said.
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