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Adani Green Energy

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Adani Green Energy Limited
Company typePublic
ISININE364U01010
IndustryRenewable energy
Founded2015; 9 years ago (2015)
FounderGautam Adani
Headquarters
Ahmedabad, Gujarat
,
India
Area served
India
Key people
Vineet S. Jain (Managing Director) and (CEO)[1][2]
Products
RevenueIncrease ₹10,460 crore (US$1.3 billion)[3] (2024)
Increase ₹1,628 crore (US$200 million)[3] (2024)
Increase ₹1,260 crore (US$150 million)[3] (2024)
Total assetsIncrease ₹88,538 crore (US$11 billion)[3] (2024)
Total equityIncrease ₹17,448 crore (US$2.1 billion)[3] (2024)
Number of employees
3,324 (including 1727 off-roll) (2024)
ParentAdani Group (54.92%)
TotalEnergies SE (20%)
Websiteadanigreenenergy.com
Footnotes / references
[4]

Adani Green Energy Limited (AGEL) is an Indian renewable energy company, headquartered in Ahmedabad, India.[5] It is majority-owned by Indian conglomerate Adani Group and minority-owned by TotalEnergies. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.[6][7][8]

History

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The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the Companies Act 2013.[9][10]

During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori, Madhya Pradesh.[11] Also, AGEL bought Inox Wind's 50 MW wind power project at Dayapar village in Kutch. The project was conceived by the latter when it won a Solar Energy Corporation of India's capacity bids for wind power projects connected to the National Grid.[12]

In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a joint venture agreement with the Government of Rajasthan.[13]

In 2017, the company took the complete control of overall solar energy portfolio of Adani Enterprises and got itself listed at National Stock Exchange of India and Bombay Stock Exchange.[14][15]

In 2022, Adani Green Energy Limited had a market cap of Rs. 3,26,635.42 crore.[16]

Operations

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Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states of India namely Uttar Pradesh, Rajasthan, Punjab, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.36 GW.[17]

As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.[18]

In May 2020, AGEL won the world's largest solar bid worth $6 billion by the Solar Energy Corporation of India (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.[19][20]

In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]

According to media reports, The Khavda renewable energy plant was initiated in December 2022, and its first production occurred on December 31, 2023.The plant covers an area of 538 square kilometers. The hybrid renewable energy cluster generates solar energy during the day and wind energy in the evening, with an operational capacity of 2,000 MW of solar energy.[22][23]

Green bonds

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In late 2019, AGEL became the first Indian company to offer investment-grade US dollar green bonds worth US$362.5 million[24] to foreign investors.[25] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019[26] and it will mature on the same date in 2039.[27]

Acquisitions

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In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.[10] In 2019, AGEL acquired the rest 51 percent equity share as well.[28][29]

In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205MW located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx. ₹1,300 crores).[30] AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.[31]

In early 2020, French energy company Total (now TotalEnergies) entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[32][33][34]

In May 2021, AGEL acquired SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]

Controversies

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Rajasthan Solar Park

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Local farmers have opposed to construction of 1.5GW solar park at Pokhran after which High Court of Rajasthan has ordered status quo.[35]

Allegations of stock manipulation

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In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.[36][37][38][39] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[40][41] Adani denied the fraud allegations as unfounded and ill intentioned.

See also

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References

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  1. ^ "Vneet S. Jaain | Managing Director & CEO, Adani Green Energy Ltd".
  2. ^ Market, Capital (10 July 2020). "Board of Adani Green Energy appoints MD& CEO". Business Standard India.
  3. ^ a b c d e "Adani Green Energy Ltd financials" (PDF). moneycontrol.com.
  4. ^ "Adani Green Energy Limited - Annual Report". Adani Group. Retrieved 13 April 2023.
  5. ^ "Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol". m.moneycontrol.com. Retrieved 5 March 2020.
  6. ^ Mix (30 November 2016). "India has built the world's largest solar power plant". The Next Web. Retrieved 13 March 2020.
  7. ^ "Massive Infrastructure Projects Are Failing at Unprecedented Rates". National Geographic News. 20 November 2017. Archived from the original on 11 January 2020. Retrieved 13 March 2020.
  8. ^ "India Unveils World's Largest Solar Power Plant". interestingengineering.com. 11 December 2016. Retrieved 13 March 2020.
  9. ^ "Adani Green Energy History | Adani Green Energy Information - The Economic Times". economictimes.indiatimes.com. Retrieved 5 March 2020.
  10. ^ a b "Adani Green Energy Ltd". Business Standard India. Retrieved 5 March 2020.
  11. ^ "Inox Wind bags two 70-MW wind energy projects from Adani Green". The Economic Times. 12 April 2016. Retrieved 5 March 2020.
  12. ^ "Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy". BloombergQuint. 16 October 2019. Retrieved 12 March 2020.
  13. ^ "Adani, Rajasthan govt form jt venture to set up solar park". @businessline. 15 June 2015. Retrieved 5 March 2020.
  14. ^ Jain, Hiteshkumar (11 December 2017). "Adani Enterprises to demerge renewable energy business". M&A Critique. Retrieved 12 March 2020.
  15. ^ "Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure". www.saurenergy.com. Retrieved 12 March 2020.
  16. ^ "Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Retrieved 19 December 2022.
  17. ^ "Adani Green Energy arm bags 130-MW wind power project from SECI". The Economic Times. 20 June 2019. Retrieved 5 March 2020.
  18. ^ "Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors". www.moneycontrol.com. Retrieved 5 March 2020.
  19. ^ "Adani Green hits new high on winning world's largest solar bid worth $6 bn". Business Standard India. 9 June 2020. Retrieved 30 June 2020.
  20. ^ "Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express. 9 June 2020. Retrieved 10 June 2020.
  21. ^ a b Anuron Kumar Mitra. "India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal". Nasdaq. Reuters. Retrieved 19 May 2021.
  22. ^ Walia, Aggam (8 April 2024). "With core assets in Khavda & Mundra, Kachchh becomes central to Adani's green ambitions". The Indian Express. Retrieved 20 August 2024.
  23. ^ "Adani Green's Khavda power plant world's largest, five times the size of Paris". The Economic Times. 7 April 2024. Retrieved 20 August 2024.
  24. ^ "Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest". www.saurenergy.com. Retrieved 12 March 2020.
  25. ^ "The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond". esg.theasset.com. Retrieved 12 March 2020.
  26. ^ "Adani Green Energy arms to issue bonds worth $362.5 million". Moneycontrol. 4 October 2019. Retrieved 12 March 2020.
  27. ^ Market, Capital (4 October 2019). "Adani Green Energy to issue USD 362.50 million Green Bonds". Business Standard India. Retrieved 12 March 2020.
  28. ^ PTI (12 January 2019). "Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks". @businessline. Retrieved 12 March 2020.
  29. ^ "Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks". Business Standard India. Press Trust of India. 12 January 2019. Retrieved 12 March 2020.
  30. ^ Thomas, Tanya (26 September 2019). "Essel Group in talks with Adani to sell solar energy assets". Livemint. Retrieved 12 March 2020.
  31. ^ Laghate, Gaurav (15 December 2019). "Adani Green may buy rest of Essel's 480-MW solar assets". The Economic Times. Retrieved 12 March 2020.
  32. ^ "Adani Green Energy surges after signing deal with Total for $510 million". The Economic Times. 14 February 2020. Retrieved 12 March 2020.
  33. ^ Market, Capital (14 February 2020). "Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture". Business Standard India. Retrieved 12 March 2020.
  34. ^ "Total to Acquire 20% of AGEL the Largest Solar Developer in the World". TotalEnergies.com. 18 January 2021. Retrieved 27 April 2024.
  35. ^ "Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran". Business Standard India. Press Trust of India. 8 September 2020. Retrieved 10 March 2021.
  36. ^ "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. Retrieved 24 January 2023.
  37. ^ Thomas, Chris; Kalra, Aditya (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". Reuters. Retrieved 25 January 2023.
  38. ^ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times. Retrieved 25 January 2023.
  39. ^ Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times. Retrieved 25 January 2023.
  40. ^ Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC. Retrieved 25 January 2023.
  41. ^ Kay, Chris; Vishnoi, Abhishek; Joshi, Ashutosh (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". Bloomberg News. Retrieved 25 January 2023.
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