Adani Green Energy operationalizes an incremental 448.95 MW of solar power projects in Gujarat – EQ

Adani Green Energy operationalizes an incremental 448.95 MW of solar power projects in Gujarat

In Short – Adani Green Energy achieves another milestone by operationalizing an additional 448.95 MW of solar power projects in Gujarat. This expansion underscores Adani’s commitment to renewable energy development in India and contributes significantly to the nation’s clean energy goals.

In Details – With operationalization of these plants, AGEL’s total operational renewable generation capacity has increased to 9,478 MW, in its journey of 45 GW capacity by 2030.
Adani Green Energy Twenty Four A Limited and Adani Green Energy Twenty Four B Limited, wholly-owned subsidiaries of Adani Green Energy Limited, on Tuesday announced that it has operationalized an incremental 448.95 MW of solar power projects at Khavda, Gujarat. In a regulatory filing, it said, “ Together with earlier intimation dated February 14, 2024, an aggregate of 1,000 MW of solar power projects are operationalized at Khavda, Gujarat.” With operationalization of these plants, AGEL’s total operational renewable generation capacity has increased to 9,478 MW, in its journey of 45 GW capacity by 2030. Based on the relevant clearances, the plants are decided to operationalize and commence sale of power generated from March 5, 2024.

Earlier in January, Adani Green Energy got shareholders’ approval to raise Rs 9,350 crore through issuance of preferential warrants to promoters with a whopping 99.9 per cent majority. The company had said that it would use the funds to achieve its target of 45 gigawatts of green energy capacity by 2030, and for other capex plans. During the same month, Adani Green Energy had announced that it raised Rs 2,337.51 crore through an issue of warrants to Ardour Investment Holding on a private placement basis.

For its third quarter ended December 2023, Adani Green Energy posted profit of Rs 256 crore, up 148.5 per cent in comparison to Rs 103 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 2311 crore, up 17.3 per cent as against Rs 1971 crore during the quarter ended December 31, 2022. In the regulatory filing, Amit Singh, CEO, Adani Green Energy Ltd, had said, “With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well secured growth path to the targeted 45 GW capacity by 2030. We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localization, digitalization at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavor to set new standards for mega scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”