Adani Green Energy

“Having said that, we are committed for our targets towards 2030. In that process, if you see the battery storage is going to play a very important role as a mitigation measure too.”

“So accordingly, what we have done now is that all the balance of the system, which is required for our assets, which are to come on Phase 3, we are working on it.”

“So we are very, very firm on that path. Under any circumstances, we don't foresee any challenge of not achieving it.”

“So, in our overall strategy for next 3 to 5 years, both solar, wind, battery storage and pump storage has their own roles to play, and we are firm on the debt as well as the equity part.”

“And for us, the capex that we have to do over the next 5, 7 years, which is where we are more focused on, where we want to remove any risk that the lender carries.”

“Of course, battery storage has come in this year, too, there has been an accelerated growth on that matter, and there is an opportunity to do that for the next few years, too. It is only going to add on to what we have been doing otherwise or what we have planned otherwise.”

“3.5 gigawatt hour, which is already tied up. The rest, since it has just come at the end of this last quarter, we are in the process of doing it.”

“The rest 3.1 GWh, in our total of 6.6GWh as on September 30 is in the process of tying up.”

“For the time being, it is AESL and that is where we have tied up.”

“It is already available with us. We have no challenge as well as the solar and if required wind for an input power for that battery storage.”

“Plus, I think we are also looking at various other states too, including Rajasthan, where a decent amount of capacities can also come.”

“Looking ahead, we see significant opportunities emerging from growing needs for firm and dispatchable renewable energy, rising power demand from AI, data centers and hyperscalers alongside growing demand for integrated renewables plus storage solutions from commercial as well as industrial customers.”

“With about 308 gigawatts of installed non-fossil fuel capacity, representing more than 54% of total installed power capacity, the country is progressing rapidly towards the 500 gigawatt target by 2030.”

“India's peak electricity demand continues to reach new highs, reflecting rising consumption driven by industrial growth, electric mobility, data centers and the broader electrification of the economy.”

“Secondly, what happens is that because of solar and wind combination, wherever we have not yet done any kind of tie-ups are still going into merchants and wind speed was also better this year because of rains being lower. So, all this has positively impacted the EBITDA.”

“And plus, we have brought in a lot of operational efficiencies also in our books because if you will see our operating cost has not gone up relatively.”

“So, from our perspective, on a merchant basis, last year, our number was nearer to about INR 2.1, and this year, because of the better listing, our merchant rates have come to INR 2.4.”

“In a solar capacity for that, for the PPA with AESL for 25 years, it's INR 2.7.”

“So, if you will look at our business update, which we had given after the Q1 call also, we have tied up wind at INR 3.93 for the 25-year period.”

“See, from Adani Green perspective, 72% of our project loans are all fixed rate for a medium term to long term. So like between 3 to 5 years, we are fully fixed.”

“So very recently, one of our SPV AGE23L, which is nearly 15% of Adani Green's overall EBITDA has now become a AAA asset.”

“what happens is that the rate of interest, which was earlier near 10% to 11% has gone down to today at 8.4%.”

“And in the last 6 months also, we have remained between 8.95% to 8.9%.”

“Even with the interest rate cycle going up, our interest rate should not be affected much.”

“The total EBITDA during H1 FY '27 was INR8,276 crores. If curtailment would not have been there, this EBITDA would have been close to INR9,000 crores.”

“Our investment in BESS is also helping mitigate curtailment challenges at Khavda by providing greater flexibility in managing renewable energy generation and enabling the utilization of power that would have been otherwise wasted.”

“So let me say that we were earlier expecting these lines to come by the end of this year. Now we are expecting this transmission line of Phase 3, the evacuations to come by the next quarter.”

“I think there are certain things which are not helping them with respect to ROW issues on which they are working very closely and both the state and central government has a lot of focus towards it.”

“That is also, as we speak, looks to be delayed on that particular part.”

“So you will see that in the second half of the year, the curtailment impact should not be as high as the earlier half because of the accelerated development on the batteries that we are doing.”

“Energy sales increased 32% year-on-year to 25.7 billion units in H1, supported by a 24% increase in greenfield capacity additions on Y-o-Y basis.”

“Revenue from power supply in H1 FY '27 increased 36% year-on-year to INR8,299 crores, while EBITDA grew 41% Y-o-Y to INR7,957 crores, enabling us to deliver industry-leading EBITDA margin of 93%.”

“The performance during quarter 2 was equally strong, with revenue from power supply increasing 45% year-on-year to INR4,019 crores, while EBITDA from power supply ending 51% higher Y-o-Y to INR3,835 crores, resulting in a strong EBITDA margin of 92% during the quarter.”

“Yes. It transforms into an ROE which is higher, because we run on a 75%-25% leverage basis, yes.”

“See, all our PPAs are on a take-or-pay basis on the supply, which we give it to them.”