Adani Green Energy Expands Khavda Solar Capacity to Supply Captive Power to Asahi India Glass

Adani Green Energy has further expanded its solar-led renewable portfolio with a new hybrid power supply agreement secured by its subsidiary for industrial captive consumption, underscoring the company’s continued focus on large-scale solar deployment at its Khavda renewable energy hub in Gujarat.

The company’s wholly owned step-down subsidiary, Adani Green Energy Twenty Five B Limited, has entered into a Power Consumption Agreement with Asahi India Glass Limited for the supply of 20.8 MW of renewable power. While structured as a solar-wind hybrid arrangement, the project is anchored by a 25 MW solar power plant, complemented by a 20.8 MW wind unit, both located at Khavda—one of India’s largest renewable energy development zones.

The agreement, executed on January 7, 2026, supports Asahi India Glass’s shift toward cleaner energy for its operations, with solar generation forming the core of the supply due to its scale and strategic location. The Khavda site has emerged as a key solar asset for Adani Green Energy, offering high irradiation levels and infrastructure suited for utility-scale projects.

To comply with captive power regulations, the transaction includes a tripartite investment structure involving the generator entity, Adani Renewable Energy Holding Four Limited (AREH4L), and Asahi India Glass as the captive user. Under this arrangement, Asahi India Glass will acquire at least 26% of the proportionate equity linked to the project, in one or more tranches, to meet minimum captive shareholding norms.

Despite this equity participation, operational and managerial control of the solar-led hybrid project will remain with the Adani Group. AREH4L currently holds the entire equity of the generator and, post-transaction, will retain a dominant shareholding along with full rights to appoint the board of directors. Exit and buyback provisions have also been built into the agreement, providing flexibility to both parties if the power consumption arrangement is terminated, subject to regulatory approvals.

Adani Green Energy clarified that the agreement does not qualify as a related-party transaction, as there is no prior relationship between the Adani entities and Asahi India Glass.

In market terms, Adani Green Energy’s stock closed marginally lower at ₹1,018.90, down 0.05% on the day. Technical indicators showed neutral momentum, with the Relative Strength Index at 48.20 and the stock trading below several short- and medium-term moving averages, though it remains above key long-term averages.

The latest agreement highlights Adani Green Energy’s strategy of leveraging large solar assets to support captive and industrial consumers, while combining solar with complementary wind capacity to offer more stable renewable power solutions from its Khavda facilities.