Adani Green Energy Limited (AGEL) declared its financial results for the first quarter of the financial year 2020-2021.

Despite COVID, The company’s revenue and ‘earnings before interest taxes depreciation amortization’ (EBITDA) from the power supply has grown by 10% year-over-year (YoY) and 12% YoY, respectively, due to added capacities, steady solar capacity utilization factor (CUF), and improved wind CUF.

Cash profit has also grown by 9% YoY, backed by substantial revenue and EBITDA performance. Adani’s total net export increased by 24% YoY on the back of capacity addition of 425 MW.

The solar CUF has remained steady at 24.8%, supported by strong project availability, grid availability, and solar irradiation. However, during the same quarter in the FY20, the solar CUF was 25.3%. Meanwhile, wind CUF has improved from 35.8% to 40.1%, due to improved lant and grid availability.

The company noted that “Operations continued normally with continuous off-take of energy during COVID-19 pandemic with no material curtailment on a portfolio basis on the back of ‘must-run’ status given to Renewable plants in India and Electricity being classified as an ‘essential service’ during lock-down.”

Other highlights include the commissioning of the 50 MW Kilaj solar project in Rawra, awarded by Solar Energy Corporation of India (SECI) at a tariff of ₹2.54(~$0.035)/kWh. The company said its total operational solar capacity is 2,198 MW and its full operational capacity, including a wind portfolio of 397 MW, now stands at 2,595 MW.

The company’s chairman Gautam Adani said, “The growing domestic and international demand for cleaner and greener technology, has accelerated the green energy transition in the country and we are prepared to lead this change. Today, sustainability and economy go hand in hand, and as such, the goals of the organization must be aligned with the needs of the nation.”

He further added, “The definitive steps taken by us in this journey are calculated to meet our ESG (Environmental, Social, and Corporate Governance) goals at each turn. This quarter, we have cemented our place in the global renewable space by winning the world’s largest solar bid, and with this, we have been ranked as the largest solar power developer in the world by Mercom Capital.”

Adani emerged as the largest solar developer in the world, according to Mercom’s latest findings. The company also clinched an 8 GW solar bid in the last quarter, taking its total capacity to 14 GW, inching closer to its 25 GW target by 2025.

Adani also ranked among the top three suppliers of solar modules in India in terms of shipments in the calendar year 2019. The findings were released in Mercom India Research’s India Solar Market Leaderboard 2020.

Image credit: Financial Express / CC BY-SA (4.0)

Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.