Some part of the total capacity is scheduled to be completed by March next year
New Delhi: Adani Green Energy, a renewable energy firm of the Adani Group, plans to complete 1,300 megawatt (MW) of hybrid projects by calendar year (CY) 2021, said its Chief Executive Officer Jayant Parimal in an analyst call on Monday.
“We have signed 1,300 MW of hybrid projects, out of this, 600 MW was with Solar Energy Corporation of India at Rs 2.69 paise with a PLF requirement of 30 per cent. We had signed another 700 MW of hybrid project with BSES-AEML where the PLF requirement is 50 per cent at Rs 3.24 paise. We are trying to complete some portion by March 2021 and in any case the entire capacity by the end of CY21,” Parimal said.
He added that these hybrid projects where they mix wind and solar were currently being executed in Gujarat and Rajasthan.
Adani Green had won the 700-MW wind-solar hybrid project in January 2020 and had bagged the 600-MW projects in June 2019. Adani Green is building 1,280 MW of wind, 475 MW solar and 1,690 MW hybrid plants.
The clean energy firm’s CEO told reporters that they also plan to spend up to Rs 10,000 crore in the current financial year to build 1,100 MW-1,500 MW of wind and solar power plants and added that despite COVID-19 impact the company was able to maintain their operations.
The firm has a current project portfolio of 6 GW including under-construction capacity.
Adani Green had on Monday posted a net profit of Rs 55.64 crore for the March 2020 quarter. It had logged a net loss of Rs 94.08 crore in the corresponding quarter a year ago.
The firm’s total income stood at Rs 718.66 crore for the quarter under review as against Rs 718.73 crore a year earlier and total income for 2019-20 stood at Rs 2,629.07 crore, as compared to Rs 2,130.99 crore in 2018-19. The company’s total revenue increased by 24 per cent to Rs 2,549 crore in 2019-20.