Adani Green Energy Recorded Growth of 47% in Energy Sales During FY2024

On April 15, 2024, the renewable power generation giant Adani Green Energy Limited (AGEL) announced an operational update for the year (FY 2024) ending March 31, 2024. During the year, the operational capacity increased by 35% YoY to 10,934 MW with the greenfield addition of 2,418 MW solar and 430 MW wind power plants. This includes the operationalisation of 2,000 MW as part of the ongoing development of the world’s largest 30,000 MW renewable energy project in Khavda, Gujarat.

During the year ended March 31, 2024, the sale of energy witnessed a substantial growth of 47% on a YoY basis to 21,806 mn units. The consistently high Solar portfolio CUF stood at 24.5%, which was backed by 99.7% plant availability. The Wind portfolio CUF was recorded at 29.4%, with an improvement of 420 bps on a YoY basis, which was backed by 95.5% plant availability. The hybrid portfolio CUF stood at 40.7% with a growth of 520 bps YoY, backed by 99.5% plant availability.

During the year, the company launched the Adani Green Energy Gallery at the Science Museum in London. The gallery, sponsored by AGEL, explores the rapid energy transition and decarbonisation needed globally to limit climate change. In addition, the company was ranked 1st in Asia and amongst the top 3 companies in the RE sector globally in the latest ESG assessment by ISS ESG and placed in the prime ‘B+’ band for robust ESG practices and displaying a very high level of transparency.

The company also received an ‘A-’ rating in the CDP Climate Change 2023 assessment, showcasing environmental leadership, and rated in the category ‘A’ in the CDP Supplier Engagement Rating 2023 It was also awarded ‘Emerging Company of the Year’ at ET Awards 2023 during the year ended March 31, 2024.

About Adani Green Energy Limited

Incorporated in 2015, Adani Green Energy Limited is engaged in the business of renewable power generation and other ancillary activities. On April 15, 2024, the AGEL share price opened at ₹1,808.00 and touched the day high of ₹1,845.60 at 11:25 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.