Execution risk for H2 commissioning
With only 200 MW added in H1, the company needs to commission ~2.6 GW in H2 to meet its 2.8-3 GW target. Any delays in Khavda or module supply could cause slippage.
ADANIGREEN / Q2-FY24 / 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
high
ALMM compliance for imported modules
An analyst raised concerns about using Chinese modules (non-ALMM) for projects with SCOD near March 2024. Management clarified that current projects are exempt, but future projects may face restrictions.
Module price volatility
While recent module price declines benefit returns, management noted that prices are volatile and a $0.01 change impacts IRR by 1-1.2%. A sudden price spike could affect project economics.
Refinancing risk for Holdco bond
The $750 million Holdco bond maturing in FY2025 is expected to be repaid from a group liquidity pool, but any disruption in group-level liquidity could create refinancing pressure.