Tuesday, June 25, 2024

Adani Green reports 30 pc EBITDA growth in FY24, revises target to 50 GW for 2030

PUNJAB NEWS LINE | May 03, 2024 03:56 PM

Ahmedabad:Adani Green Energy Ltd (AGEL) on Friday reported 30 per cent EBITDA growth at Rs 7,222 crore in FY24, as the renewable energy (RE) major revised its target for 2030 to 50 gigawatt (GW) from 45 GW.

The robust growth in revenue, EBITDA and cash profit was driven by capacity addition of over 2.8 GW over the last year, representing 15 per cent of the country’s total renewable energy capacity addition, the company said in a statement.

The run-rate EBITDA stood at Rs 10,462 crore, with net debt to run-rate EBITDA at 4 times (as of March 2024) compared to 5.4 times last year.

"I am immensely proud of the team for successfully deploying the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground," said Amit Singh, Chief Executive Officer, Adani Green Energy Ltd.

While cash profit increased 25 per cent (year-on-year) to Rs 3,986 crore, operational capacity went up 35 per cent YoY to reach 10.9 GW in F24.

On Thursday, Adani Green secured $400 million from a consortium of five leading international banks for its under-construction 750 MW solar projects in Rajasthan and Gujarat.

"We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW," he added.

The operational capacity grew at 35 per cent YoY to 10,934 MW (or 10.9 GW), with greenfield addition of 2,848 MW renewable capacity including 2,418 MW solar and 430 MW wind projects.

With this. the AGEL became the first company in India to cross the 10,000 MW renewable energy capacity.

The 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually, according to the company.

AGEL is developing the world's largest renewable energy project of 30,000 MW on barren land at Khavda in Gujarat. Within just 12 months of breaking ground, the company has operationalised 2,000 MW.

In March this year, the Science Museum in London, the UK, opened ‘Energy Revolution: The Adani Green Energy Gallery,’ a major gallery which explores how the world can generate and use energy more sustainably to urgently decarbonise to limit climate change.

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