Adani Green Energy

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Adani Green Energy Limited
TypePublic
ISININE364U01010
IndustryRenewable energy
Founded2015 (2015)
FounderGautam Adani
Headquarters
Ahmedabad
,
India
Area served
India
Key people
Vneet S. Jaain (Managing Director) and (CEO)[1][2]
Products
  • Solar energy
  • Wind energy
RevenueIncrease₹3,599 crore (US$480 million) (2021)[3]
Increase₹2,140 crore (US$280 million) (2021)
Increase₹210 crore (US$28 million) (2021)
Total assetsIncrease₹28,692 crore (US$3.8 billion) (2021)
Total equityIncrease₹2,126 crore (US$280 million)
OwnerAdani Group
ParentAdani Group (54.92%)
Total SE (20%)
Websitewww.adanigreenenergy.com

Adani Green Energy Limited (AGEL) is an Indian renewable energy company headquartered in Ahmedabad, Gujarat.[4] It is owned by Indian conglomerate Adani Group. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.[5][6][7]

History[]

The company was incorporated on January 23, 2015, as Adani Green Energy Limited under the Companies Act 2013.[8][9]

During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori, Madhya Pradesh.[10] Also, AGEL bought Inox Wind's 50 MW wind power project at Dayapar village in Kutch. The project was conceived by the latter when it won a Solar Energy Corporation of India's capacity bids for wind power projects connected to the National Grid.[11]

In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a joint venture agreement with the Government of Rajasthan.[12]

In 2017, the company took the complete control of overall solar energy portfolio of Adani Enterprises and got itself listed at National Stock Exchange of India and Bombay Stock Exchange.[13][14]

Operations[]

Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states of India namely Uttar Pradesh, Rajasthan, Punjab, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.32 GW.[15]

As of March 31, 2019, AGEL has one joint venture and 39 subsidiaries.[16]

In May 2020, AGEL won the world's largest solar bid worth $6 billion by the Solar Energy Corporation of India (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.[17][18]

In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[19]

Green Bonds[]

In late 2019, AGEL became the first Indian company to offer investment-grade US dollar green Bonds worth US$362.5 million[20] to foreign investors.[21] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on October 15, 2019[22] and it will mature on the same date in 2039.[23]

Acquisitions[]

In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.[9] In 2019, AGEL acquired the rest 51 percent equity share as well.[24][25]

In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205MW located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx. ₹1,300 crores).[26] AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.[27]

In early 2020, French energy company Total S.A. entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[28][29]

Controversies[]

Rajasthan Solar Park[]

Local farmers have opposed to construction of 1.5GW solar park at Pokhran after which High Court of Rajasthan has ordered status quo.[30]

See also[]

  • Renewable energy in India
  • Solar power in India
  • Wind power in India

References[]

  1. ^ "Vneet S. Jaain | Managing Director & CEO, Adani Green Energy Ltd".
  2. ^ Market, Capital (10 July 2020). "Board of Adani Green Energy appoints MD& CEO". Business Standard India.
  3. ^ "Adani Green Energy Ltd financials".
  4. ^ "Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol". m.moneycontrol.com. Retrieved 2020-03-05.
  5. ^ Mix (2016-11-30). "India has built the world's largest solar power plant". The Next Web. Retrieved 2020-03-13.
  6. ^ "Massive Infrastructure Projects Are Failing at Unprecedented Rates". National Geographic News. 2017-11-20. Retrieved 2020-03-13.
  7. ^ "India Unveils World's Largest Solar Power Plant". interestingengineering.com. 2016-12-11. Retrieved 2020-03-13.
  8. ^ "Adani Green Energy History | Adani Green Energy Information - The Economic Times". economictimes.indiatimes.com. Retrieved 2020-03-05.
  9. ^ a b "Adani Green Energy Ltd". Business Standard India. Retrieved 2020-03-05.
  10. ^ "Inox Wind bags two 70-MW wind energy projects from Adani Green". The Economic Times. 2016-04-12. Retrieved 2020-03-05.
  11. ^ "Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy". BloombergQuint. Retrieved 2020-03-12.
  12. ^ "Adani, Rajasthan govt form jt venture to set up solar park". @businessline. Retrieved 2020-03-05.
  13. ^ Jain, Hiteshkumar (2017-12-11). "Adani Enterprises to demerge renewable energy business". M&A Critique. Retrieved 2020-03-12.
  14. ^ "Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure". www.saurenergy.com. Retrieved 2020-03-12.
  15. ^ "Adani Green Energy arm bags 130-MW wind power project from SECI". The Economic Times. 2019-06-20. Retrieved 2020-03-05.
  16. ^ "Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors". www.moneycontrol.com. Retrieved 2020-03-05.
  17. ^ "Adani Green hits new high on winning world's largest solar bid worth $6 bn". Business Standard India. 2020-06-09. Retrieved 2020-06-30.
  18. ^ "Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express. 2020-06-09. Retrieved 2020-06-10.
  19. ^ Reuters, Contributor Anuron Kumar Mitra. "India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal". www.nasdaq.com. Retrieved 2021-05-19.
  20. ^ "Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest". www.saurenergy.com. Retrieved 2020-03-12.
  21. ^ "The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond". esg.theasset.com. Retrieved 2020-03-12.
  22. ^ "Adani Green Energy arms to issue bonds worth $362.5 million". Moneycontrol. Retrieved 2020-03-12.
  23. ^ Market, Capital (2019-10-04). "Adani Green Energy to issue USD 362.50 million Green Bonds". Business Standard India. Retrieved 2020-03-12.
  24. ^ PTI. "Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks". @businessline. Retrieved 2020-03-12.
  25. ^ "Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks". Business Standard India. Press Trust of India. 2019-01-12. Retrieved 2020-03-12.
  26. ^ Thomas, Tanya (2019-09-26). "Essel Group in talks with Adani to sell solar energy assets". Livemint. Retrieved 2020-03-12.
  27. ^ Laghate, Gaurav (2019-12-15). "Adani Green may buy rest of Essel's 480-MW solar assets". The Economic Times. Retrieved 2020-03-12.
  28. ^ "Adani Green Energy surges after signing deal with Total for $510 million". The Economic Times. 2020-02-14. Retrieved 2020-03-12.
  29. ^ Market, Capital (2020-02-14). "Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture". Business Standard India. Retrieved 2020-03-12.
  30. ^ "Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran". Business Standard India. Press Trust of India. 2020-09-08. Retrieved 2021-03-10.
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