The CEO said that nearly Rs 7,000 crore of the amount will be financed by debt raised from domestic lenders.
Adani Green Energy Ltd plans to spend Rs 8,000 crore and Rs 10,000 crore to build between 1,100 MW and 1,500 MW respectively of wind and solar power plants in financial year 2020-21.
As per a report by The Hindu Business Line, citing company’s CEO, Jayant Parimal, nearly Rs 7,000 crore of the amount will be financed by debt raised from domestic lenders. Later, through a green bond issue, the debt could possibly be refinanced, hinted Parimal.
Adani Green is building 1,280 MW of wind, 475 MW of solar and 1,690 MW of hybrid plants, which will add to its existing portfolio of 2,545 MW — including the 2,148 MW under the JV with TOTAL, the report said.
Asked if the COVID-19 crisis had disrupted the supply of solar modules, as Adani Green buys these modules from China, Parimal said the company had faced only a limited impact because it did not have too many projects under construction at that time.
In a statement issued on May 4, the company’s chairman Gautam Adani said that green and renewable energy-motivated investments will continue in this fiscal year.
The company on May 4 posted a consolidated net profit of Rs 55.64 crore for the March 2020 quarter, helped by lower expenses.
The clean energy firm had logged a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago, a company statement said.
Its total income stood at Rs 718.66 crore for the quarter under review as against Rs 718.73 crore a year earlier.
On a full-year basis, the company reported narrowing of consolidated net loss at Rs 67.96 crore in 2019-20. In 2018-19 fiscal, its net loss was Rs 475.05 crore.
Total income for 2019-20 stood at Rs 2,629.07 crore, as compared to Rs 2,130.99 crore in 2018-19.