Adani Green Energy announces H1 FY23 results

AHMEDABAD: Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, on Thursday announced financial results for the quarter and half year ended September 30, 2022.

The Solar CUF and sale of energy has improved with integration of high-quality SB Energy portfolio having a CUF of 26.3 per cent in H1 FY23.

The reduction in overall wind portfolio CUF and sale of energy is primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant in Gujarat. The impact of this event in Q2 FY23 is expected to be 0.4 per cent of the expected annual generation of the overall operational capacity. Excluding the aforesaid 150 MW plant, the wind portfolio CUF stands at a strong 41 per cent in H1 FY23.

The newly commissioned solar-wind hybrid plants of 990 MW deploy bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced wind turbine generators leading to a high hybrid CUF. The newly-commissioned plants are managed by Adani Group's intelligent 'Energy Network Operation Centre' (ENOC) platform, which has proven technological capability and has aided AGEL in achieving superior operational performance for its entire renewable portfolio across diverse locations in India.

The solid growth in revenues is driven by greenfield commissioning of 1,315 MW and integration of SB Energy's operating portfolio of 1,700 MW. Further, the state-of-the-art ENOC enables real time monitoring of the entire renewable portfolio with information access to the minutest level and automated alerts.

With this analytics driven O&M approach, the plant availability is maximised, enabling higher electricity generation and higher revenues. It also helps curtail O&M costs, in turn enabling high EBITDA margins.

"We are extremely proud of our teams for enabling the rapid development of India's first and the world's largest solar-wind hybrid cluster of 990 MW as well as Madhya Pradesh's largest wind plant of 325 MW while ensuring cost effectiveness and the highest quality standards. With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximize electricity generation at a lower cost," said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.

"The globally well-recognised ESG ratings, that rank us ahead of some of the largest global utilities and RE players, are yet another proof of our commitment to a sustainable future and the highest governance standards at AGEL."