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AGEL plans to add 800 MW of renewable energy projects

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Adani Green Energy Limited (AGEL) plans to add over 800 MW of renewable energy projects in the current financial year and 3300 MW in two more years, the company said in a statement.

"Adani Green Energy Limited plans to add over 800 MW of new capacity of wind and solar projects during the current financial year. Adani Green is India's one of the fastest-growing renewable energy firms with over 2000 MW of operational assets and 3300 MW capacity to be commissioned in two more years to become 5,000 MW renewable entity by 2022. It is considering fundraising drive through suitable instruments to finance this expansion," it said in a statement on Wednesday.

Adani Group company has a current project portfolio of 4,560 MW including 46 operational projects and 18 projects under construction.

"We are committed to create a greener future. Our vision is to have a portfolio of 10 GW of renewable energy projects by 2022. We are investing to tap value-accretive opportunities to deliver on this goal. AGEL is the first Indian company to reach the milestone of 4.5 GW organically," Adani Green CEO Jayant Parimal was quoted as saying in company's latest annual report issued ahead of its annual general meeting scheduled on August 7.

"The company management has sought shareholders' nod to raise up to Rs 5,000 crore to fund its existing and upcoming renewable energy projects," the company said.

According to its filing on BSE, Adani Green reported continued to have plant availability in excess of 99 per cent for the first quarter of the current fiscal. During this period, its grid availability stood at 98.7 per cent, which was 95.5 per cent in the corresponding period of the previous fiscal.

According to its statement, the Company sold 1,058,475 MW per hour in the quarter ended on June 30 this year as against 839,672 MW per hour for the corresponding period of the previous fiscal.

"Adani Green is the only Indian pure play renewable energy company to be listed on Indian stock exchanges and disclosing its financial and operational performance periodically. Among others, Azure Power is the only Indian renewable venture to get listed on NYSE," it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, July 25 2019. 01:52 IST