Adani Green Energy, the renewables arm of Indian power major Adani, has published its financial results for the 2024 financial year, ending 31 March 2024, which include a 33% growth in revenue from the company’s power generating facilities.
The company’s revenue from power generation increased from INR58.1 billion (US$695.6 million) in the 2023 financial year to INR77 billion in the most recent financial year. Over this period, earnings before inflation, taxation, depreciation, and amortization also increased, from INR55.3 billion (US$663.2 million) to INR72.2 billion, a 30% growth.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Despite this year-on-year growth, however, the company’s revenue fell between the fourth quarter of the 2023 financial year and the subsequent fourth quarter. Revenue from power supply fell by 8%, from INR21.2 billion to INR19.4 billion, a fall that demonstrates that the company’s financial growth has not been linear.
Adani Green Energy attributed much of its generally positive results to significant capacity additions made over the last year, adding 2.8GW of new renewable power-generating capacity in the twelve months to March 2024. The graph below demonstrates how much of the company’s portfolio consists of solar, wind and solar-wind hybrid projects, with solar accounting for more operating capacity in the 2024 financial year than the company’s entire renewable portfolio did in the 2022 financial year.
The company’s solar portfolio grew from 4.98GW at the end of the 2023 financial year to 7.39GW at the end of the following financial year, a 49% increase that helped drive a 35% growth in the company’s total renewable portfolio. This portfolio includes a 551MW solar project in the Indian state of Gujarat, which the company commissioned in February.
However, Adani Green Energy’s sale of electricity from solar projects grew just 6%, a stark contrast to the 194% growth in the sale of electricity from solar-wind hybrids, despite the company adding no new solar-wind hybrid capacity in the 2024 financial year. Ultimately, the company is optimistic about its performance in the renewables sector as a whole, rather than any particular technology.
“Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind and hybrid projects,” said Amit Singh, Adani Green Energy CEO. “Our goal is to commission at least 5GW of hydro pumped storage projects by 2030.
“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 500GW.”
The news is the latest encouraging development for the Indian renewables sector, which saw the government increase the capacity of its renewables tenders to close to 70GW in the 2024 financial year. Of this capacity, solar PV accounted for 45%.
