Adani Green Energy shares react as operational portfolio hits 10,000 MW mark

Shares of Adani Green Energy Ltd are in focus on Wednesday morning after the largest domestic renewable energy company said it has surpassed 10,000 megawatts (MW) of operational portfolio.

In a filing to stock exchange today, Adani Green Energy said its operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity. Adani Green Energy shares hit a high of Rs 1,904.65, before erasing modest gains. The stock was later trading at Rs 1,885, down 0.44 per cent.

The company said it is undertaking the largest greenfield expansion in India’s RE sector and represents about 11 per cent of India’s installed utility-scale solar and wind capacity, contributing over 15 per cent of India’s utility-scale solar installations.

"The latest  milestone is a testament to Adani Green Energy and its development partners firmly moving towards the goal of 45,000 GW renewable energy by 2030. AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually," Adani Green said.

Chairman of the Adani Group, Gautam Adani, said that in less than a decade, Adani Green Energy "has not just envisioned a greener future but has actualised it, growing from a mere idea to explore clean energy to achieving a phenomenal 10,000 MW in installed capacity. This achievement is a demonstration of the rapidity and scale at which the Adani Group aims to facilitate India's transition to clean, reliable and affordable energy." 

Adani said to drive towards 45,000 MW by 2030, his company is building the world's largest renewable energy plant in Khavda — a 30,000 MW project unparalleled on the global stage.

"We are proud to be India’s first das hazari in the renewables space,” said  Adani said.

Adani Green said it is pursuing sustainable practices across its operations.  "AGEL’s unwavering focus on energising a sustainable future for all is aligned to the United Nations Sustainable Development Goals of affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, water stewardship, waste management and a circular economy, biodiversity management and climate action," it said.

Adani Green said it is setting a precedent for how innovative technology, execution capabilities, digitization, a robust supply chain network, and long-term infrastructure financing, combined with sustainable practices, can drive the clean energy transition and decarbonisation on a giga scale.