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Adani Green Energy
SectorUtilities
Adani Green Energy Limited is one of India's largest renewable energy companies, with a project portfolio of 20,434 MW. The company operates in 12 Indian states, focusing on solar, wind, and hybrid power generation. It sells power through long-term Power Purchase Agreements (PPAs) with central and state government entities and on a merchant basis. Adani Green Energy has 5,410 MW of operational projects and 15,024 MW under construction. The company is developing a solar park in Khavda, Gujarat, and has a locked-in renewable energy portfolio of approximately 21,953 MW, with 10,934 MW operational and 11,019 MW under execution. Additionally, it has a 500 MW hydro pumped storage project. The company was incorporated in 2015 as a subsidiary of Adani Enterprises Limited and became publicly listed in 2018.
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Company insights, generated from the most recent coverage.
Run-rate EBITDA guided from ~₹17,000 Cr to ~₹21,000 Cr by FY27-end, but Q1 capex was ₹8,826 Cr (+41%) — the step-up is funded, not earned, so the multiple depends on debt terms holding.
Curtailment cost 5-7% of quarterly EBITDA because grid availability for solar was only 80.6% on delayed transmission lines. Management expects zero curtailment at Khavda by calendar year-end — that alone is worth mid-single-digit EBITDA recovery.
Contract mix moving from 54% fixed-tariff / 22% infirm / 24% C&I toward 75% fixed / 25% C&I by 2030 deliberately eliminates the 22% merchant bucket sold at ~₹2.5/unit — lower peak upside, materially better cash-flow visibility.