Adani Green Energy (AGEL) was established to build on the Adani Group's success and growth story in the renewable energy space. AGEL builds, owns and operates power plants powered by renewable sources of energy like solar and wind. AGEL is one of the largest renewable energy companies in India. AGEL has been Adani Group's pioneering effort to help India's transition to renewable power generation. AGEL develops, builds, owns, operates and maintains utility scale grid connected solar and wind projects. The electricity is supplied to the Central and State Government entities and the government backed corporations. AGEL has a portfolio of 36 operational and three under construction projects, contributing substantially to India's renewable energy journey. Currently, the company has operational capacity in solar to the tune of 1,898 MW and wind energy operational capacity of 60 MW. It has a under-development solar capacity of 250 MW and 937 MW in the wind segment.
AGEL's portfolio consists of grid-connected solar PV plants and wind farms located across India. In FY18, the company's revenues improved by 54.95 per cent to Rs 9.02 billion. Moreover, AGEL increased its operational solar power capacity to 1,898 MW from 748 MW. Currently, it is one of the largest renewable energy companies in India, supported by the then, the world's largest single-location solar PV plant with a capacity of 648 MW at Kamuthi, Tamil Nadu and India's largest single axis tracker-based solar PV plant of 100 MW at Bathinda, Punjab.
Despite the substantial downward pressure on solar and wind, PPA tariffs due to stiffening competition, including from global entrants, AGEL has been able to secure projects with attractive returns based on its industry-leading capabilities. The company focuses on efficient execution and has delivered a strong operational performance of its completed projects. It is continuously improving the performances of the projects beyond the initial targets. AGEL aims to become a 10 GW renewable energy generator by 2022 and it is investing in India as well as in opportunities around the globe to deliver on this goal in a value-accretive manner.
The company has recorded a total income to the tune of Rs 90.17 billion during the financial year 2017-18, compared to Rs 58.19 billion in the corresponding previous financial year. During the year, the company generated earnings before interest, depreciation and tax (EBIDTA) of Rs 7.04 billion, compared to Rs 4.83 billion in the previous year. Net loss for the financial year 2017-18 is Rs 0.64 billion as compared to the loss of Rs 0.46 billion in the previous financial year.
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