Adani Green Energy Ltd (AGEL), India’s leading renewable energy company, has disclosed its financial results for the quarter and nine months ending on December 31, 2023.
Financial Performance:
- AGEL reported significant growth in revenue, EBITDA, and cash profit, driven by a capacity addition of 1,154 MW over the past year and improved capacity utilization factor (CUF).
- The company achieved a robust Run-rate EBITDA of Rs. 7,806 crore, with Net Debt to Run-rate EBITDA at 4.98x as of December 2023.
Operational Performance:
- AGEL’s operational capacity increased by 16% YoY to 8,478 MW in Q3 FY24, with notable additions in solar-wind hybrid, wind, and solar projects.
- Sale of energy surged by 59% YoY to 16,293 million units in 9M FY24, primarily supported by strong capacity expansion and enhanced CUF across portfolios.
ESG Updates:
- AGEL was ranked among the Top 3 companies in the Renewable Energy sector globally by ISS ESG and maintained its leading position in Asia.
- The company received accolades in sustainability assessments, including S&P Global Corporate Sustainability Assessment 2023 and CRISIL ESG Assessment.
Key Milestones:
- AGEL completed the transfer of a 1,050 MW renewable portfolio to a joint venture with TotalEnergies, reinforcing its strategic alliance.
- Share warrants worth Rs. 9,350 crore were issued to the promoter group, demonstrating AGEL’s commitment to its growth trajectory.
- Funding for the redemption of Holdco bond and the largest project financing of USD 1.36 billion senior debt facility were successfully completed.
Mr. Amit Singh, CEO of AGEL, reiterated the company’s dedication to achieving its targeted 45 GW capacity by 2030 and setting new standards for renewable energy development. AGEL remains focused on leveraging its operational expertise and strategic partnerships to drive sustainable growth and contribute to India’s renewable energy objectives.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
