Adani Green’s on a roll to build capacity. But first, it needs to find buyers.

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Subscribe to enjoy similar stories. Adani Green Energy Ltd is undertaking significant investments in building its renewable generation capacity, aiming to quadruple it by 2029-30. But while the company has secured land bank to build mega solar plants, it would still need to win bids and find buyers to reach its target.

Adani Green currently has an installed capacity of 11.2 GW across solar, wind and hybrid energy, and is expected to commission another 6 GW in the ongoing financial year. Its target is to achieve a renewable energy capacity of 50 GW by FY30, including 5.5 GW of energy storage through pumped hydro. Emkay Research expects Adani Green’s renewable energy capacity to expand at a compound annual growth rate of 30% between FY24 and FY30, and its improving capacity utilisation to boost sales by a CAGR of about 35%.

Emkay projects Adani Green’s Ebitda to expand at a CAGR of 38% during this period. The Adani group company has secured a huge land bank on lease, enough to build more than 65 GW of capacity, enabling faster project execution. Its projects would be fairly concentrated with its site in Gujarat having a potential for 30 GW generation capacity across solar and wind energy.

The location offers significant operating advantage with strong solar radiation and high wind speed, which, according to the company, would help it utilise up to 34% of its capacity. That would be a significant improvement over the domestic renewable energy industry’s average capacity utilisation of 20%. While most of the electricity in India is sold through purchase agreements at a fixed rate, Adani Green plans to sell about 15% of its renewable energy in the spot market, which may fetch a higher price in case of robust demand, but it