 | |
 Aerial view ofKamuthi Solar Power Project | |
| Company type | Public |
|---|---|
| ISIN | INE364U01010 |
| Industry | Renewable energy |
| Founded | 2015; 10 years ago (2015) |
| Founder | Gautam Adani |
| Headquarters | , India |
Area served | India |
Key people | Vineet S. Jain (Managing Director andCEO)[1][2] |
| Products | |
| Revenue |  ₹10,460 crore (US$1.2 billion)[3] (2024) |
| ₹1,628 crore (US$190 million)[3] (2024) | |
| ₹1,260 crore (US$150 million)[3] (2024) | |
| Total assets | ₹88,538 crore (US$10 billion)[3] (2024) |
| Total equity | ₹17,448 crore (US$2.1 billion)[3] (2024) |
Number of employees | 3,324 (including 1727 off-roll) (2024) |
| Parent | Adani Group (55%) TotalEnergies (20%) |
| Website | adanigreenenergy |
| Footnotes / references [4] | |
Adani Green Energy Limited (AGEL) is an Indianrenewable energy company, headquartered inAhmedabad, India.[5] It is majority-owned by the Indian conglomerateAdani Group, which is a major international coal-mining enterprise, and minority-owned byTotalEnergies. The company operatesKamuthi Solar Power Project, one of the largestsolar photovoltaic plants in the world.[6][7][8]
The company was incorporated on 23 January 2016, as Adani Green Energy Limited under theCompanies Act 2013.[9][10]
During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori,Madhya Pradesh.[11] Also, AGEL bought Inox Wind's 50 MW wind power project at Dayapar village inKutch. The project was conceived by the latter when it won aSolar Energy Corporation of India's capacity bids for wind power projects connected to theNational Grid.[12]
In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed ajoint venture agreement with theGovernment of Rajasthan.[13]
In 2017, the company took the complete control of overall solar energy portfolio ofAdani Enterprises and got itself listed atNational Stock Exchange of India andBombay Stock Exchange.[14][15]
In 2022, Adani Green Energy Limited had a market cap of Rs. 3,26,635.42 crore.[16]
Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states ofIndia namelyUttar Pradesh,Rajasthan,Punjab,Maharashtra,Gujarat,Madhya Pradesh,Chhattisgarh,Andhra Pradesh,Karnataka,Tamil Nadu, andTelangana. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.36 GW.[17]
As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.[18]
In May 2020, AGEL won the world's largest solar bid worth $6 billion by theSolar Energy Corporation of India (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.[19][20]
In May 2021, AGEL confirmed its decision to buySoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]
According to media reports, The Khavda renewable energy plant was initiated in December 2022, and its first production occurred on December 31, 2023.The plant covers an area of 538 square kilometers. The hybrid renewable energy cluster generates solar energy during the day and wind energy in the evening, with an operational capacity of 2,000 MW of solar energy.[22][23]
The wind turbines used at Khavda had a capacity of 5.2 MW each, based on German designs and manufactured at Adani Group facilities near Mundra Port. According to the report, it supplied electricity to millions of households annually and reduced carbon dioxide emissions by an estimated 58 million tonnes per year.[24][25] The site also featured waterless robotic cleaning systems for solar panels to reduce water consumption in the arid environment. In 2024, United States Ambassador Eric Garcetti visited the Khavda site and highlighted its role in the US–India partnership on clean energy.[26]
In late 2019, AGEL became the first Indian company to offer investment-grade US dollargreen bonds worth US$362.5 million[27] to foreign investors.[28] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019[29] and it will mature on the same date in 2039.[30]
In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.[10] In 2019, AGEL acquired the rest 51 percent equity share as well.[31][32]
In mid-2019, AGEL acquiredEssel Group's solar power portfolio of 205MW located inPunjab,Karnataka andUttar Pradesh for US$185 million (approx. ₹1,300 crores).[33] AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.[34]
In early 2020, French energy company TotalEnergies entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[35][36][37]
In May 2021, AGEL acquiredSoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]
Local farmers have opposed to construction of 1.5GW solar park atPokhran after which High Court of Rajasthan has ordered status quo.[38]
In January 2023,Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged inmarket manipulation and accounting malpractices; Hindenburg also disclosed that it was holdingshort positions on Adani Group companies.[39][40][41][42] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[43][44] Adani denied the fraud allegations as unfounded and ill intentioned.
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