AGEL stated that it is now fully equipped to achieve its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, secured land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas of India and additional equity infusion of Rs 9,350 crore which fully funds this stated target.

Gautam Adani, chairman of Adani Group, said, “This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory."

Meanwhile, the firm had informed that it has executed power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. Upon the signing of this balance PPA, AGEL has completed the offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The company’s consolidated net profit soared 149.66% to Rs 372 crore in Q2 FY24 as compared with Rs 149 crore in Q2 FY23. Total income climbed 53.74% to Rs 2,589 crore in Q2 FY24 as compared with Rs 1,684 crore posted in corresponding quarter last year.