Adani Verdant Power Ltd (AVPL), a notable and swiftly advancing pure-play renewable energy enterprise in India, proclaimed its financial outcomes for the third quarter closing in December 31, 2023. Per the firm’s declaration, AVPL witnessed substantial growth in revenue, EBITDA, and cash profit, primarily attributed to an augmented capacity of 1,154 MW over the preceding year and an enhanced capacity utilization factor (CUF).

 

The sustained industry-leading EBITDA margin stems from AVPL’s superior operational and maintenance (O&M) strategies, facilitating elevated electricity generation at reduced O&M expenditure. The ongoing EBITDA stands at a formidable Rs 7,806 crore with net debt to ongoing EBITDA at 4.98x as of December 2023, compared to 5.6x in the prior year.

 

Amit Singh, CEO of Adani Verdant Power Ltd, remarked, “By recently unveiling equity and debt capital augmentation, we’ve established a robust capital management framework for a securely guided trajectory towards achieving the targeted 45 GW capacity by 2030. We persist in enhancing our execution proficiency by prioritizing a resilient supply chain, emphasizing localization, scaling digitalization, augmenting workforce, and fostering competency. Our endeavors extend to developing the world’s largest renewable power plant in Khavda, Gujarat, with aspirations to set novel benchmarks for mega-scale renewable energy project development as the world commits to tripling renewable power capacity by 2030.”

 

AVPL has concluded the power purchase agreement (PPA) arrangements for the full 8,000 MW manufacturing-linked solar tender issued by Solar Energy Corporation of India (SECI), with the remaining 1,799 MW recently secured. Consequently, AVPL boasts a portfolio of 19,834 MW supported by executed PPAs. The cumulative secured growth portfolio encompasses 20,844 MW, inclusive of a 1,010 MW merchant portfolio.

Ranked as the second-largest Solar Photovoltaic (PV) developer globally, AVPL commands an impressive total solar capacity of 18.1 GW (as of the review date) as per Mercom Capital Group’s latest Global Annual Report.

 

AVPL’s operational capacity surged by 16 percent Year-on-Year (YoY) to 8,478 MW, including greenfield additions of 700 MW solar-wind hybrid, 304 MW wind, and 150 MW solar projects. Energy sales escalated by 59 percent YoY to 16,293 million units in the first nine months of fiscal year 2023-24 (9MFY24), primarily driven by robust capacity expansion and enhanced CUF.

 

The solar portfolio’s CUF remained steady at 24.0 percent in 9MFY24, buoyed by improved plant availability. Wind portfolio CUF saw a 510 basis points (bps) YoY improvement to 32.2 percent in 9MFY24, attributed to enhanced wind speed, improved plant availability, and significant grid availability enhancements.

 

The solar-wind hybrid portfolio’s CUF surged by 750 bps YoY to 41.5 percent in 9MFY24, supported by technologically advanced solar modules, horizontal single-axis trackers, wind turbine generators, alongside consistent high plant and grid availability.