Adani Green ramps up capacity by 43% as conglomerate revives capex plan
renewable energy capacity during the April-June quarter as the group firms’ stocks recover from their historic lows. According to a regulatory filing, the conglomerate’s renewables arm Adani Green Energy Ltd has ramped up its operational capacity by 43% to 8,316 MW during the June quarter. The company said Thursday in a presentation that it has added 1,750 MW of solar-wind hybrid capacity, 212 MW of solar capacity, and 554 MW of wind power plants in the April-June period of FY24.
Adani Green’s total operational capacity now stands at 8,316 MW, making it the largest renewable energy company in India-- one of the south Asian economies that have embarked on an ambitious journey to net zero by 2050. Adani Green has a target of achieving 45 GW of renewable energy capacity by 2030, according to the presentation. The renewables firm said it recorded a 70% year-on-year jump in energy sales at 6,023 million units due to robust capacity addition.
Investors rushed to buy Adani Green’s shares soon after the filing and the stock touched a high 1.6% to ₹970 apiece in a positive broader market on Thursday. The stock, however, lost momentum during the afternoon trade. Adani Green, with a market capitalization of ₹1.51 trillion, has grown its capacity utilization factor in solar energy business by 40 bps year-on-year to 26.9% during the April-June period, backed by 99.7% plant availability, according to the latest filing.
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