Merchant solar price volatility
Q1 solar merchant realization was ~INR 4/unit, below the guided INR 4-4.5, due to seasonal softening.
ADANIGREEN / Q1-FY25 / risks
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Adani Green Energy · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Execution risk in pumped storage
Pumped storage CapEx is INR 4.5-5 crore/MW, but equipment is imported and supplier details undisclosed, posing supply chain risk.
Dependence on promoter warrants for funding
Management stated no equity dilution needed, relying on promoter warrants and internal cash flows, which may be constrained if execution slips.
Regulatory changes in solar imports
New import duty on solar glass may increase module costs, though management claims limited near-term impact due to ALMM exemptions.