A large part of the capacity addition will come in Khavda, Gujarat, where the company has deployed a workforce of more than 5,000 people
Adani Green Energy Limited (AGEL) has outlined a planned capital expenditure (capex) of Rs 14,000 crore and aims to achieve an operational capacity of 11 GW in the financial year 2024, as stated by its CEO, Amit Singh.
The company currently possesses an operating renewable energy (RE) portfolio of 8.4 GW, spanning solar, wind, and hybrid capacity, as presented to investors.
"With the intention of delivering 2.8–3 GW of capacity in the fiscal year 2024, the company's operational portfolio will expand to 11 GW. For this financial year, AGEL has indicated a capex of Rs 14,000 crore," Singh declared.
A significant portion of the capacity expansion will take place in Khavda, Gujarat, where the company has assembled a workforce exceeding 5,000 individuals.
Looking ahead, the company's plan is to augment its RE portfolio by 5 GW annually starting in the financial year 2025, Singh further added.
"We presently possess the most extensive operating renewable portfolio in India. We are enhancing our project execution capabilities as we gear up for our next phase of growth. We are diligently working on our next milestone, which involves developing the largest RE cluster globally in Khavda, Gujarat," Singh noted.
AGEL's capacity is predominantly secured through long-term fixed-tariff Power Purchase Agreements (PPAs) with a duration of 25 years, boasting an average portfolio tariff of Rs 3.02 per unit. Their customer base includes the Solar Energy Corporation of India (SECI), NTPC, and various state DISCOMs.
AGEL's projects are in progress across Rajasthan, Gujarat, Andhra Pradesh, and Karnataka.
The company is setting its sights on achieving a total of 45 GW in renewable energy capacity by the year 2030, in alignment with India's target of installing 500 GW of renewable capacity by the same year.