Adani Operating 2595 MW of RE Assets, Over 11 GW Under Implementation

Adani Green Energy now has 2595 MW of renewable energy assets under operation, while an additional 11,395 MW capacity is currently under implementation.

Adani Green Energy, the green energy business of the Adani Group, has issued a quarterly update of the firm for the first quarter of the financial year 2020-2021. The firm has reported that it now has 2595 MW of renewable energy (RE) assets under operation, while an additional 11,395 MW capacity is currently under implementation.

As per the data published by the firm, it has assets worth 2148 MW operational under its 50:50 joint venture with Total. As reported by us previously, the French multinational energy company had invested about Rs 3,707 crore, through its step-down subsidiary, to form the 50:50 JV with Adani.

Under the JV’s 2.148 GW operating assets are the Restricted Group 1 & 2 projects (930 MW and 570 MW respectively), which had recently raised USD 862.5 million from the international bond markets. And a special purpose vehicle in Tamil Nadu that operates 648 MW of renewable assets.

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In the first quarter of the year, the company only commissioned a 50 MW solar project, the Kilaj Solar plant in Rawra, Rajasthan pursuant to project awarded from SECI at a tariff of Rs 2.54/unit. And beyond its JV, the firm now has (independent control) of the 50 MW solar project and 397 MW of operational wind capacity in the country. Of the 397 MW wind capacity, there were no new commissioning in the first quarter, however, the firm has nearly completed the process of acquiring a 150 MW project, subject to the terms of the power purchase agreement.

The firm has also clarified that in the 11.395 MW capacity of projects under implementation, 8,425 MW is solar PV capacity, 1,280 MW is wind capacity while the remaining 1,690 MW is hybrid wind and solar capacity.  At 1690 MW, it claims to have the largest hybrid renewable (solar and wind) portfolio in India.

The firm has reported that for its solar assets the solar irradiation was lower by 2.13 percent in Q1 FY21 as compared to Q1 FY20, which resulted in a lower capacity utilisation factor (CUF). A key factor of the PPAs. The firm also reported that wind CUF at 40.13 percent was lower than P90 target of 45.88 percent due to lower wind, however, better turbine availability improved the overall CUF.

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The firm had recently been confirmed by the Solar Energy Corporation of India (India) in what could be one of the biggest solar tenders in the country to date. The firm had received the go-ahead from SECI to set up a 2 GW (2000 MW) manufacturing capacity for solar modules, and linked to that, a generation plant of a total of 8000 MW capacity.