Adani Green posts 10x increase in profit to Rs 219 crore in Q1FY22

Adani Green Energy Ltd (AGEL) has reported a 10-fold increase in its net profit to Rs 219 crore in the first quarter ending June 2021 over the same period last fiscal. The total income of the company increased to Rs 1,079 crore in the first quarter from Rs 878 crore in the same period a year ago.

The company in a public statement said it commissioned renewable projects totalling 200 Mw in Q1 FY22. “AGEL in the process of acquiring SB Energy’s 5 GW India renewable portfolio for a fully completed enterprise value of $3.5 billion, making it India's largest renewables M&A transaction,” said the company.

“The acquisition of SB Energy’s high quality renewable energy portfolio has further consolidated our position as the world's largest solar player thereby keeping us on track to become the world largest renewables player by 2030. Renewable energy is at a massive inflexion point in its young journey and we are well positioned,” said Gautam Adani, chairman, Adani Group.

The company said the capacity utilisation factor of solar projects increased by 20 bps due to the improvement in grid availability, consistently high plant availability of 99.6 per cent and consistent solar irradiation.

“With the data analytics driven O&M, deployment of latest technologies and continued capacity additions despite the pandemic, AGEL has been able to consistently report strong operational performance for both solar and wind portfolios.” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.

During 2018-2020, the AGEL has also signed Share Purchase Agreements (SPAs) for 100 per cent acquisition of Wind One Renergy Private Limited, Wind Three Renergy Private Limited and Wind Five Renergy Private Limited from lnox Group. These entities have aggregated operational 150 Mw Wind portfolio having 25 years PPAs.

During the financial year ending March 2020, AGEL has entered into an Investment Agreement to dispose-off its investments in Adani Phouc Minh Solar Power Company Limited (APMSPCL) and Adani Phouc Winh Wind Power Company Limited (APMWPCL) having 77.1 Mw renewable projects in Vietnam, said the company.