Adani Green Energy Ltd announces Q3 FY22 results
Ahmedabad, February 2, 2022
Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, on Wednesday announced the financial results for the quarter and nine months ended December 31, 2021.
The company posted robust growth in revenue from power supply, backed by strong growth in capacities and improved solar and wind CUF.
The continued growth in EBITDA from power supply and cash profit is supported by increase in revenues and cost efficiencies brought in through analytics driven O&M.
Increase in sale of energy in 9M FY22 is backed by capacity addition of 2,460 MW and improved solar and wind CUF.
Solar CUF improvement in 9M FY22 is backed by integration of high-quality SB Energy portfolio, consistent high plant availability of around 100 per cent and improved grid availability of 99 per cent. Wind CUF improvement is backed by technologically advanced and more efficient newly added Wind Turbine Generators (WTG), improved plant availability of 96 per cent, improved grid availability of 100 per cent, and improved wind speed.
"The continued robust operational performance and improving visibility of growth with firm PPAs demonstrate that we are well on track to become the largest renewable player by 2030," said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
"Our commitment towards ESG is only getting stronger with the global recognition of our efforts to light up the world with green energy and to further incorporate the best ESG practices on all fronts."
AGEL has become the first Indian member of GRI South Asia charter strengthening its commitment for sustainability imperatives as per UN SDGs 7, 9, and 13.
AGEL has received approval for being a member of the GRI South Asia Charter on Sustainability Imperatives. AGEL became signatory to the charter in April 2021. Firming up further, the company has now submitted a declaration with clearly identified UN Sustainable Development Goals (SDG) where it can make an impact in following years. Pursuant to this submission, AGEL received the approval to become a member.
The commitments are towards SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation and Infrastructure), and SDG 13 (Climate Action). AGEL has announced a target of having operating renewable energy generation capacity of 25 GW by 2025 and 45 GW while keeping the average tariff below national Average Power Purchase Cost (APPC). The cost reduction will be achieved by improvement of technology, optimisation of resources using Internet of Things (IoT) and machine learning related digital interventions.
The GRI South Asia Charter on Sustainability Imperatives - a unique creation by GRI South Asia Hub - is a clarion call for business and its stakeholders. It is anchored to a framework of transparency and disclosure, as enshrined in the GRI Standards, and provides an ameliorating way out of the quagmire. The Charter serves as an important stimulus to implement sustainability-oriented imperatives that help realise the UN Sustainable Development Goals by the end of the current decade.