45 GW renewable capacity by 2030
Target to achieve 45 GW operational capacity by 2030 through solar, wind, and hybrid solutions.
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Adani Green Energy · forward-looking guidance across the available source record.
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2.8-3 GW capacity addition in FY24
Planned capacity addition for the current financial year, with financial closure for most projects already achieved.
Solar project cost ex-BCD: ₹4.8-5 cr/MW
Capital cost for solar projects excluding basic customs duty is expected to be in this range.
Wind project cost: ₹6.3-6.5 cr/MW
All-in capital cost for wind projects, including turbine and balance of system.
6 GW capacity addition in FY25
Management guided for 6 GW of new capacity in FY25, including ~700 MW of wind.
50 GW target by 2030
Reiterated 50 GW capacity target by 2030, including 5 GW of pumped storage.
Portfolio borrowing cost to decline from 9.4%
CFO expects average portfolio interest rate to come down significantly from 9.4%, with new borrowings at 8.6%-8.9%.
15% merchant/C&I portfolio mix
Targeting 15% of portfolio from merchant and C&I sales by 2030.
5 GW capacity addition target for FY26
Management confirmed on track to add 5 GW this fiscal, with 1.6 GW already commissioned in Q1.
50 GW target by 2030 remains fully funded
Capital management framework ensures growth is fully funded for the 50 GW target while maintaining credit discipline.
25% of capacity to target C&I/merchant markets by FY30
Strategy to allocate a quarter of portfolio to merchant, C&I, and hybrid contracts, including data center demand.
FY2024 capacity addition of 2.8-3 GW
Management guided for 2.8 to 3 GW capacity addition in FY2024, with most commissioning in the second half. Funding is fully secured.
45 GW target by 2030
Adani Green reiterated its target to reach 45 GW of renewable capacity by 2030, with a mix of solar, wind, pumped hydro, and batteries.
Refinancing of RG-One bonds at similar cost
Management expects to refinance the $500 million RG-One bond through USD PP market at an effective cost similar to current AGEL Holdco cost of ~9.6%, with no material increase.
Pumped storage FID by end of FY2024
Management expects to take a final investment decision (FID) on a pumped storage project before the end of FY2024, with construction cycle of 27-33 months.
6 GW capacity addition in FY25
Management committed to adding 6 GW of renewable capacity in FY25, with one-third expected in Q3 and remainder by year-end.
Run-rate EBITDA of INR 16,000 crore post 6 GW addition
After adding 6 GW, the company expects a run-rate EBITDA in excess of INR 16,000 crore on an installed base of 17 GW.
Minimum 6 GW annual run-rate going forward
Beyond FY25, the company plans a minimum run-rate of 6 GW per year for capacity additions.
Google data center PPA commissioning in CY Q3 2025
The 61 MW PPA with Google is expected to start supplying power in calendar Q3 2025.
5 GW capacity addition in FY26
Management reaffirmed commitment to add 5 GW of renewable capacity in FY26, with 2.4 GW already commissioned in H1.
CapEx of INR 30,000-35,000 crore annually for next 2 years
CFO guided CapEx in the range of INR 30,000-35,000 crore per year for FY27 and FY28, supporting similar capacity additions.
50 GW capacity target by 2030
Management reiterated the long-term target of 50 GW operational capacity by 2030, with steady progress on Khavda and other projects.
BESS strategy to be announced shortly
CEO indicated that a detailed strategy for battery energy storage systems (BESS) will be shared soon, with plans for large-scale deployment.
Capacity addition of at least 2 GW in Q4 FY24
Management guided for at least 2 GW capacity addition in the next quarter (Q4 FY24), with a target of 2-2.5 GW.
Execution capacity to exceed 5 GW from next year
The company aims to scale execution capacity to north of 5 GW from next fiscal year, up from the current ~2.5 GW.
Pumped storage project implementation to start next fiscal year
Management confirmed that pumped storage project implementation will begin in the next financial year, with one project in advanced stages.
Merchant portfolio to reach low teens by end of decade
Merchant capacity is expected to grow to low teens (as a percentage of total portfolio) by 2030, from current 3-5%.
FY25 capacity addition target of 5 GW
Company expects to add approximately 5 GW of new capacity in FY25, with 4.3 GW coming in Q4. Remaining ~1 GW delayed by 4-5 weeks into early Q1 FY26 due to monsoon and regulatory changes.
50 GW target by 2030 maintained
Management reiterated the long-term strategic objective of reaching 50 GW operational capacity by 2030, with 85% long-term PPAs and 15% merchant/CNI.
Next year capacity addition in 6-8 GW range
Management confirmed the guidance for next year's capacity addition remains in the 6-8 GW range, with plans to ramp up run rate.
Run-rate EBITDA of ₹15,000 crore+ post FY25 additions
CFO indicated that after adding 5 GW in FY25, the run-rate EBITDA would exceed ₹15,000 crore.
FY26 run-rate EBITDA of INR 17,000 crore
Management guided for FY26 run-rate EBITDA of INR 17,000 crore, including INR 1,000 crore other income, with power supply EBITDA at INR 16,000 crore.
CapEx of INR 35,000-40,000 crore next year
Management guided for CapEx in the range of INR 35,000-40,000 crore for the next fiscal year to support 50 GW target by 2030.
Battery storage capacity to more than double next year
Management expects to commission 3.5 GWh battery storage this fiscal and more than double that capacity in the coming year.
50 GW operational capacity by 2030
Management reiterated target to achieve 50 GW operational renewable capacity by 2030, with 5.6 GW added in calendar 2025.
FY25 capacity addition target of at least 6,000 MW
Management guided for greenfield capacity addition of at least 6,000 MW in FY25, with a run-rate of 6,000-8,000 MW per year going forward.
2030 capacity target revised to 50 GW
Revised the 2030 renewable energy capacity target from 45 GW to 50 GW, with 100% funding locked in from debt and equity.
Pumped hydro storage target of 5 GW by 2030
Targeting at least 5 GW of pumped hydro storage capacity by 2030, with first 500 MW project in Andhra Pradesh under construction and expected commissioning by FY27.
Merchant/C&I exposure to be ~10% of portfolio
Management indicated that merchant and C&I capacity will be about 10% of the portfolio mix, up from current ~5%.
5 GW capacity addition in FY26
Management targets adding 5 GW of operational capacity in FY2026, with a total CapEx of INR 31,000 crore.
50 GW target by 2030 fully equity-funded
Post full conversion of warrants, equity funding for the 50 GW target is fully secured; debt funding is being arranged progressively.
Chitravathi PSP commissioning by September 2027
The 500 MW pumped storage plant at Chitravathi is expected to be commissioned by September 2027.
FY27 capacity addition of 4.5-5 GW
Management guided for 4.5-5 GW of new capacity in FY27, constrained by transmission evacuation availability.
10 GWh battery storage commissioning in FY27
Plans to commission over 10 GWh of battery storage in FY27, with capital cost of ~INR 1.5 crore per MWh.
More than 90% of new capacity tied to long-term PPAs
Going forward, over 90% of capacity additions will be under long-term PPAs, reversing the FY26 anomaly of high merchant exposure.
50 GW target by 2030 unchanged
Management reaffirmed the 50 GW target by 2030, with no current revision despite near-term constraints.