Renewable Energy target for 2030 revised upwards to 50 GW from 45 GW
Adani Green Energy Ltd (AGEL), one of the world’s fastest-growing pure-play renewable energy companies, recently announced financial results for the quarter and year ending 31 March 2024.
AGEL is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Gujarat, India. Spread across 538 sq km, it is five times the size of Paris. Within just 12 months of breaking ground, AGEL has operationalized 2,000 MW. AGEL is deploying the latest renewable energy technologies such as n-type bifacial solar modules and India’s largest 5.2 MW wind turbine maximizing energy generation and minimizing the levelized cost of electricity. AGEL is setting a precedent for how innovative technology, execution capabilities, digitization, a robust supply chain network, and long-term infrastructure financing, combined with sustainable practices, can drive the clean energy transition and decarbonization on a giga scale.
Amit Singh, Chief Executive Officer, Adani Green Energy Ltd, said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda, Gujarat, India in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum.
The sale of energy increased by 47% YoY to 21,806 million units in FY24 primarily backed by strong capacity addition, consistent solar CUF, and improved wind and hybrid CUF.
The solar portfolio CUF remained consistent at 24.5% in FY24 with improved plant and grid availability while the solar irradiation was relatively lower.
The wind portfolio CUF improved by 420 bps YoY to 29.4% in FY24 with improved plant availability, grid availability, and wind speed.
The solar-wind hybrid portfolio CUF improved by 520 bps YoY to 40.7% in FY24 backed by higher CUF profile projects commissioned in the second half of FY23 as well as improved plant and grid availability.
Additionally, AGEL has also finalized numerous projects with a focus on environmental, social, and governance (ESG) considerations.
In March 2024, the Science Museum in London, UK, opened Energy Revolution: The Adani Green Energy Gallery, a major new gallery that explores how the world can generate and use energy more sustainably to urgently decarbonize to limit climate change. The gallery is sponsored by AGEL and through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future.
AGEL is ranked 1st in Asia and amongst top 5 companies in RE sector globally in latest ESG assessment by ISS ESG and placed in prime ‘B+’ band for robust ESG practices and displaying very high level of transparency
AGEL’s renewable energy capacity target is now revised upwards to 50 GW by 2030. AGEL is committed to lead large-scale renewable energy deployment in South Asia, including Sri Lanka.
ENDS