Adani Green Energy Ltd shares will be in focus on Tuesday morning after a report stated the renewable power producer was planning to invest an additional $22 billion to more than fivefold capacity by 2030. As of September 30, Adani Green Energy had an operational capacity of 8,316 MW. Over the last year, the Gautam Adani-led company has added 1,150 MW of solar-wind hybrid, 230 MW of wind power, and 212 MW of solar plants. It still has the country's largest functioning renewable energy portfolio.
According to Chief Executive Officer Amit Singh, India's energy demand is expanding at a 7% yearly rate, and focusing on the home market before investigating global expansion is in the company's "national interest and economic interest." Singh made the remarks on Monday at the United Nations COP28 climate summit in Dubai.
Adani Green Energy's energy sales increased 78% year on year to 11,760 million units in H1FY24 due to capacity addition and higher CUF across solar, wind, and hybrid portfolios. The solar portfolio CUF (capacity utilization factor) of the Gautam Adani-led company increased 90 basis points year on year to 25.20 percent in H1FY24 due to enhanced plant availability and solar irradiation. Wind portfolio CUF, on the other hand, increased 360 basis points year on year to 40.2 percent in H1 FY24, thanks to sustained wind speed and significant improvements in grid availability.
Adani Green Energy shares are up 14% in the last six months but down 40% year to date, thanks to the scathing Hindenburg Research study in January this year, which resulted in a $150 billion depreciation of Adani group shares' market value.
Adani Green Energy reported a 149% YoY increase in profit at Rs 371 crore for the September quarter on an 80% increase in sales at Rs 1,984 crore.
