Adani Green Energy Capacity Surges 35% in FY24, Stock Falls by 5%

Shares of Adani Green Energy witnessed a decline of as much as 4.7% on Monday, April 15, despite the company's notable achievements in operational capacity. Adani Green Energy reported a significant 35% year-on-year increase in its operational capacity, reaching an impressive 10,934 MW in FY24. This growth was primarily fueled by the addition of 2,418 MW of solar and 430 MW of wind power plants, as detailed in a filing to the stock exchanges by the Adani Group firm.

Notably, the reported operational capacity includes the commissioning of 2,000 MW as part of the ongoing development of the world's largest 30,000 MW renewable energy project situated in Khavda, Gujarat.

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Over the past year, energy sales soared by 47%, reaching a substantial 21,806 million units. Adani Green Energy highlighted the solar portfolio's robust performance, maintaining a consistently high capacity utilization factor (CUF) of 24.5%, supported by an impressive plant availability rate of 99.7%, as outlined in the company's provisional operational update for FY24.

Further, the wind portfolio exhibited notable improvement, achieving a capacity utilization factor (CUF) of 29.4% in FY24, representing a 420 basis points improvement year-over-year, supported by a commendable plant availability rate of 95.5%.

Moreover, the hybrid portfolio displayed promising results, achieving a CUF of 40.7% with a 520 basis point improvement year-over-year, bolstered by a plant availability rate of 99.5%.

Adani Green Energy's operational portfolio comprises 7,393 MW of solar capacity, 1,401 MW of wind capacity, and 2,140 MW of wind-solar hybrid capacity.

In April, the company announced that its operational portfolio of 10,934 MW is expected to supply electricity to more than 5.8 million homes and contribute to preventing approximately 21 million tonnes of annual carbon dioxide emissions.

Reiterating its commitment to sustainable practices, Adani Green Energy aligns its operations with the United Nations Sustainable Development Goals. The company's initiatives include efforts to eliminate single-use plastics, achieve zero waste-to-landfill, and ensure water-positive status for plants exceeding 200 MW capacity.

Despite these achievements, shares of Adani Green Energy traded 2.7% lower at ₹1,833.65 apiece on the BSE at 10:38 am.