One of India’s leading renewable energy companies, Adani Green Energy, has reported an impressive 30% increase in installed capacity between April 2019 and March 2020.
In a statement, the company announced that it added 587 megawatts of solar and wind energy capacity in 2019-20, taking the total installed capacity to 2,545 megawatts. The commissioned assets include 2,148 megawatts of solar power projects and 397 megawatts of solar power projects.
The company also reported that generation from these commissioned projects increased by 14.5% to 4,310 gigawatt-hour during 2019-20.
The company has under construction 475 megawatts of solar power and 1,280 megawatts of wind energy capacity. It is also working to commission 1,690 megawatts of solar-wind hybrid projects that it had recently secured in competitive auctions.
Adani Green Energy’s total portfolio stands at just under 6 gigawatts spread across 11 states and 64 locations in India. The company has aggressive expansion plans over the next few years with a target to achieve 10 gigawatts of renewable energy capacity by 2022 and 15 gigawatts by 2025.
The company recently placed its entire operational solar power capacity of 2.1 gigawatts in a joint venture with French energy major Total. The joint venture recently received funding worth US$490 million from Total.
Adani Green Energy’s competitors include ReNew Power and Hero Future Energies. ReNew Power has a portfolio of around 8 gigawatts, including 4.9 gigawatts of operational solar and wind energy projects. The company is backed by several marquee investors like Goldman Sachs, Abu Dhabi Investment Authority, and Canada Pension Plan Investment Board. Hero Future Energies has a portfolio of 2.8 gigawatts, including 1.3 gigawatts of operational solar and wind energy projects. Last year, it secured an equity stake worth US$150 million to Abu Dhabi’s Masdar Group.
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