Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, on Monday announced financial results for the quarter ended June 30.
With an operational capacity of 8,316 MW, AGEL continues to have the largest operating renewable energy portfolio in the country.
The sale of energy has increased by 70 per cent YoY to 6,023 mn units in Q1 FY24 primarily backed by strong capacity addition.
The solar portfolio CUF has improved by 40 bps YoY to 26.9 per cent in Q1 FY24 with consistent high plant availability and improved solar irradiation.
For the wind portfolio, the sale of energy has increased by 34 per cent backed by strong capacity addition, though the wind CUF has reduced primarily due to relatively lower wind speed, which was higher last year.
The solar-wind hybrid portfolio of 2,140 MW reported a strong hybrid CUF of 47.2 per cent, up by 380 bps backed by new plants with technologically advanced solar modules (including bifacial modules and horizontal single axis trackers) and wind turbines, high plant and grid availability and improved solar irradiation.
The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,516 MW over the last one year. The consistent industry-leading EBITDA margin is driven by AGEL’s best-in-class O&M practices enabling it to achieve higher electricity generation at lower O&M cost.
AGEL has received a favorable order from Tamil Nadu Electricity Regulatory Commission to reinstate the PPA tariff of Rs 7.01 per unit (instead of Rs 5.1 per unit) for 47 MW operating solar project at Kamuthi, Tamil Nadu that would result in one time upside of Rs 103 crore and recurring annual upside of Rs 14 crore. The one-time revenue upside will be accounted upon receipt.
With this, the entire 648 MW operating solar portfolio at Kamuthi now operates at the PPA tariff of Rs 7.01 per unit.
The Run-rate EBITDA stands at a strong Rs 7,645 crore with Net Debt to Run-rate EBITDA at 5.3x as of June 2023. The ratio continues to be well within the stipulated covenant of 7.5x for holdco bond. The deployment of long term capital has resulted in operationalization of significant capacities last year in turn resulting in higher EBITDA and hence lower leverage levels in line with AGEL’s prudent capital management approach.
“Path towards a sustainable future lies in embracing cleaner and greener sources of energy. We are committed to produce low-cost green electrons through a continued focus on operational excellence and technology innovation combined with use of Digital and Artificial Intelligence based solutions.
“Our team’s unwavering dedication has been instrumental in achieving consistent strong financial and operational milestones.” said Amit Singh, CEO, Adani Green Energy Ltd.
“We aim to grow our renewable power capacity to 45 GW by 2030 through Solar, Wind and Solar-Wind hybrid solutions as major contributors. To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges.”
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