- Operational Capacity increases by 24% YoY to 6,724 MW
- Commissioned 990 MW solar-wind hybrid power plants in Rajasthan, India’s first and World’s largest
- Commissioned wind power plant of 325 MW, the largest in Madhya Pradesh
- Achieved Sustainalytics ESG Risk Rating of ‘Low Risk’ with a score of 14.6, the best among key large global peers and significantly better than global industry average of 33.5
NE BUSINESS BUREAU
AHMEDABAD, NOV 10
Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, on Thursday announced 49 percent increase at Rs 1,281 crore in its cash profit for the half year ended September 30, 2022 while for the quarter it was up by 50 percent to Rs 601 crore.
Operational Performance – Q2 & H1 FY23
| Particulars | Quarterly performance | Half Yearly performance | ||||
| Q2 FY23 | Q2 FY22 | % change | H1 FY23 | H1 FY22 | % change | |
| Operational Capacity | 6,724 | 5,410 | 24% | 6,724 | 5,410 | 24% |
| – Solar | 4,763 | 4,763 | – | 4,763 | 4,763 | – |
| – Wind | 971 | 647 | 50% | 971 | 647 | 50% |
| – Solar-Wind Hybrid | 990 | – | – | 990 | – | – |
| Sale of Energy
(Mn units) 1 |
3,067 | 1,901 | 61% | 6,618 | 3,954 | 67% |
| – Solar | 2,327 | 1,430 | 63% | 5,078 | 3,080 | 65% |
| – Wind | 429 | 471 | -9% | 1,092 | 874 | 25% |
| – Solar-Wind Hybrid | 311 | – | – | 448 | – | – |
| Solar portfolio CUF (%) | 22.1% | 21.4% | 24.3% | 23.2% | ||
| Wind portfolio CUF (%) | 27.3% | 42.9% | 36.6% | 40.7% | ||
| Solar-Wind Hybrid (%) | 34.3% | – | 36.6% | – | ||
The Solar CUF and Sale of Energy have improved with integration of high-quality SB Energy portfolio having a CUF of 26.3% in H1 FY23. The reduction in overall Wind portfolio CUF and Sale of Energy is primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant in Gujarat. The impact of this event in Q2 FY23 is expected to be ~ 0.4% of the expected annual generation of the overall operational capacity. Excluding the aforesaid 150 MW plant, the Wind portfolio CUF stands at a strong 41.0% in H1 FY23.
The newly commissioned solar-wind hybrid plants of 990 MW deploy bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced Wind Turbine Generators leading to a high hybrid CUF. The newly commissioned plants are managed by Adani Group’s intelligent ‘Energy Network Operation Center’ (ENOC) platform, which has proven technological capability and has aided AGEL in achieving superior operational performance for its entire renewable portfolio across diverse locations in India.
Financial Performance – Q2 & H1 FY23 (Rs. Cr.)
| Particulars | Quarterly performance | Half Yearly performance | ||||
| Q2 FY23 | Q2 FY22 | % change | H1 FY23 | H1 FY22 | % change | |
| Revenue from Power Supply | 1,107 | 834 | 33% | 2,435 | 1,682 | 45% |
| EBITDA from Power Supply 2 | 1,131 | 787 | 44% | 2,396 | 1,577 | 52% |
| EBITDA from Power Supply (%) | 91.4% | 93.6% | 91.6% | 93.1% | ||
| Cash Profit 3 | 601 | 401 | 50% | 1,281 | 859 | 49% |
The solid growth in revenues is driven by greenfield commissioning of 1,315 MW and integration of SB Energy’s operating portfolio of 1,700 MW. Further, the state-of-the-art ENOC enables real time monitoring of our entire renewable portfolio with information access to the minutest level and automated alerts. With this analytics driven O&M approach, the plant availability is maximized, enabling higher electricity generation and higher revenues. It also helps curtail O&M costs, in turn enabling high EBITDA margins.
“We are extremely proud of our teams for enabling the rapid development of India’s first and the world’s largest solar-wind hybrid cluster of 990 MW as well as Madhya Pradesh’s largest wind plant of 325 MW while ensuring cost effectiveness and the highest quality standards. With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximize electricity generation at a lower cost,” said Vneet S Jaain, MD & CEO, Adani Green Energy Ltd.
He further said, “The globally well-recognized ESG ratings, that rank us ahead of some of the largest global utilities and RE players, are yet another proof of our commitment to a sustainable future and the highest governance standards at AGEL.”
