### **Executive Overview** Adani Green Energy Limited (AGEL) is India’s largest and one of the world’s leading renewable energy companies, positioned at the forefront of the global energy transition. As a pure-play renewable Independent Power Producer (IPP), AGEL develops, owns, and operates utility-scale solar, wind, and hybrid power projects across India. With an aggressive expansion strategy, technological innovation, and a vertically integrated operational model, AGEL is rapidly scaling toward its **target of 50 GW of renewable capacity by 2030**, up from a record **14.2 GW of operational capacity as of March 2025**. AGEL is distinguished by its execution speed, cost efficiency, and integration of advanced digital technologies, setting global benchmarks in the renewable energy sector. --- ### **Flagship Project: Khavda Renewable Park, Gujarat** AGEL is developing the **world’s largest single-location renewable energy plant** at **Khavda, Kutch, Gujarat** — a landmark project that is redefining the scale and speed of green energy deployment. - **Planned Capacity:** 30 GW (solar, wind, and hybrid) - **Land Area:** 538 sq. km (~five times the size of Paris), arid and non-cultivable land - **Progress (Nov 2025):** - **7.1 GW** of capacity is **already operational** - Aiming to complete full **30 GW by 2029**, on track with accelerated commissioning timelines - **Resource Potential:** - Solar irradiation: **~2,060 kWh/m²/yr** - Average wind speed: **~8 m/s** - Potential CUF: **33% for solar**, **>35% for wind** This ultra-giga-scale project is not only the largest renewable park globally but is expected to be the **largest power plant across all energy sources** upon completion. --- ### **Key Strategic Advantages** #### **1. Rapid Execution & Scale** - AGEL commissioned **3,309 MW of greenfield capacity in FY 2024–25**, expanding its portfolio by 30% — the **largest addition by any Indian renewable developer**. - The Khavda site achieved **4.1 GW operational within just two years** of construction start, a pace unmatched globally. - Leveraging **robotic solar module installation**, **localized supply chains**, and **over 12,000+ workers on-site**, AGEL sets global precedence for large-scale project delivery. #### **2. Technological Innovation** - **AI/ML & Centralized Monitoring:** - Powered by the **Energy Network Operations Centre (ENOC)** — one of the most advanced O&M platforms globally — AGEL achieves **near 100% solar plant availability**. - ENOC enables real-time, **module-level (315W) monitoring** (vs. industry standard of 1 MW/inverter), fault detection, and predictive maintenance. - **Digitalization & Robotics:** - Uses **AI-driven analytics**, **digital twins**, and **robotic cleaning/cabling** to reduce downtime and water usage. - **Robotic cleaning systems** eliminate water consumption at Khavda, enhancing sustainability. #### **3. Integrated Project Execution** - Managed through **Adani Infra India Limited (AIIL)**, AGEL ensures **project execution assurance** using: - A network of **20,000+ vendors** - In-house engineering expertise - Centralized procurement (SPGS model) and supply chain integration within the Adani group --- ### **Land & Infrastructure** - **Strategic Land Bank:** Secured rights over **~250,000 acres** of land across India, with **~40–50 GW of potential generation capacity**. - **Contiguous Development:** Ensures **economies of scale** in construction and O&M. - **Pre-Planned Evacuation Infrastructure:** - Integrated with **765 kV transmission lines** and green corridors - Phased evacuation aligned with project timelines, enabling rapid commissioning --- ### **Energy Mix & Portfolio** - **Operational Capacity (as of Mar 2025):** **14,243 MW** across 12 Indian states - **Under Execution:** Over 11 GW of additional capacity - **Technology Mix:** - **Solar:** Up to **580 Wp bifacial N-type modules** with **single-axis trackers** - **Wind:** India’s largest **5.2 MW onshore turbines** - **Hybrid:** Combines solar and wind for improved grid stability and higher CUF (~40.7% in FY24) - **Geographic Diversification:** Strong presence in **Rajasthan, Gujarat, Tamil Nadu, and AP** to mitigate resource variability --- ### **Power Purchase Agreements (PPAs) & Revenue Model** - **Long-Term Contracts:** - **93% of capacity** under **25-year fixed-tariff PPAs** - 83–88% of counterparties are **sovereign or sovereign-equivalent** (e.g., SECI, NTPC, DISCOMs, AEML) - Average tariff: **₹2.96–₹3.00/unit**, below national average - **Revenue Diversification:** - **Targeting 25% merchant exposure by 2030** (up from 14%) to capture premium tariffs - Secured **first C&I PPA** (61 MW) to supply Google’s Indian data centers — enabling entry into **decarbonization for high-consumption industries** - Exploring **mid-duration hybrid** and **Contract for Difference (CFD)** structures --- ### **Energy Storage & Future-Readiness** AGEL is pioneering **multi-technology storage integration** to enhance grid stability and enable **24/7 clean power**. - **Battery Energy Storage Systems (BESS):** Being deployed at Khavda and other sites - **Pumped Hydro Storage (PSP):** - **500 MW under construction** on Chitravathi River, AP - **1,250 MW under development** in UP - Target to add **>5 GW of PSP by 2030** - Storage supports **time-shifted energy delivery**, **price arbitrage**, and **low-carbon grid flexibility** --- ### **Operational Excellence** - **EBITDA Margins:** Industry-leading **>92%**, among the highest globally - **Plant Availability:** - **99.7%** for solar - **95.5%** for wind - **99.5%** for hybrid (FY24) - **O&M:** - **In-house O&M** via **AIIL** and **ENOC** - Module- and turbine-level monitoring enables rapid fault remediation --- ### **Financial Strength & Capital Strategy** - **Fully Funded Growth:** - $3.4 billion **Revolving Construction Framework** - Promoter equity infusions (~$0.8–1.5 billion) - No capital constraints for 50 GW target - **Ring-Fenced Financing:** - Projects structured under **SPVs in Restricted Groups 1 & 2**, enabling **Investment Grade (IG) ratings** - **Debt refinancing post-COD**, de-risking capital structures - Refinanced 1.06 GW construction loan with **19-year fully amortized debt (AA+ rated)** - **ESG Leadership:** Ranked **#1 in Asia** and **top 5 globally** by **ISS ESG** for sustainability and governance --- ### **Global Recognition & Milestones** - **World’s second-largest solar PV developer** (Mercom Capital) - **Built world’s largest single-location solar project (648 MW Kamuthi, 2016)** - **World’s first 2.1 GW solar-wind hybrid cluster in Rajasthan** - **Fastest 8-month commissioning** for a major solar project - **Only Indian renewable firm with IG-rated green bonds** - Achieved **40.7% CUF** at Kamuthi (FY24), driven by advanced tech mix --- ### **Partnerships & Group Synergy** - **Strategic Alliance with TotalEnergies:** - Total holds **20% stake in AGEL** and **50% in Adani Green Energy XXIII Ltd** (2.3 GW portfolio) - Enhances technology and global credibility - **Adani Group Integration:** - **Adani Energy Solutions (AESL):** Transmission infrastructure - **ACC & Ambuja Cements:** Construction materials - **Adani Ports:** Logistics - **ANIL:** Green hydrogen and renewables manufacturing - **Jash Energy:** Solar trackers This synergy enables **end-to-end project control**, lowering costs and execution timelines.