
Adani Green Energy Ltd (AGEL) has unveiled its remarkable financial results for the quarter and nine months ending on December 31, 2023. AGEL reported a stellar 57 per cent YoY increase in revenue, reaching Rs 5,794 crore, and a noteworthy 52 per cent YoY surge in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), totalling Rs 5,412 crore, maintaining an industry-leading EBITDA margin of 92 per cent.
Financial Performance and Operational Highlights:
The robust growth in revenue, EBITDA, and cash profit, which soared by 61 per cent YoY to Rs 2,944 crore, is attributed to AGEL’s strategic capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF). AGEL’s consistent industry-leading EBITDA margin reflects its best-in-class operations and maintenance (O&M) practices, enabling higher electricity generation at lower O&M costs.
EBITDA stands at an impressive Rs 7,806 crore, and the Net Debt to Run-rate EBITDA has improved to 4.98x as of December 2023, compared to 5.6x last year.
Key Milestones:
AGEL recently completed a joint venture with TotalEnergies for a 1,050 MW portfolio, raising $300 million (Rs. 2,497 crore). Promoters have committed to investing Rs 9,350 crore in AGEL through share warrants, with Rs. 2,338 crore already received.
Additionally, AGEL has upscaled its debt funding pool under the Construction Financing Framework by $1.36 billion to $3 billion. The company successfully funded reserves for the redemption of a $750 million Holdco bond due in September 2024.
In a recent ESG assessment by ISS ESG, AGEL was ranked first in Asia and among the top 3 globally in the Renewable Energy sector. This highlights AGEL’s commitment to environmental, social, and governance practices.
Capacity building & Operational Performance:
AGEL’s operational capacity increased by 16 per cent YoY to 8,478 MW, including a greenfield addition of 700 MW solar-wind hybrid, 304 MW wind, and 150 MW solar projects. The sale of energy surged by 59 per cent YoY to 16,293 million units in 9M FY24, driven by robust capacity addition and improved CUF.
AGEL has completed the Power Purchase Agreement (PPA) tie-up for the entire 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI), solidifying its position in the renewable energy market. In a recent Global Annual report by Mercom Capital Group, AGEL has been ranked as the 2nd largest Solar PV developer in the world with a total solar capacity of 18.1 GW.
ESG Updates:
AGEL’s commitment to sustainability is evident in its ranking by ISS ESG among the top 3 companies globally in the Renewable Energy sector. In the S&P Global Corporate Sustainability Assessment 2023, AGEL scored 70 out of 100, significantly higher than the average world electric utility sector score of 35.
Key Milestones:
AGEL successfully completed the transfer of a 1,050 MW renewable portfolio to a 50:50 joint venture with TotalEnergies, receiving proceeds of $300 million (Rs 2,497 crore). Share warrants of Rs 9,350 crore were issued to the promoter group, and AGEL completed funding of reserves for the redemption of a $750 million Holdco bond due in September 2024.
AGEL’s largest project financing of $1.36 billion senior debt facility underlines its commitment to developing the world’s largest renewable energy plant in Khavda, Gujarat, as part of its goal to achieve 45 GW by 2030.