Adani Green Energy Limited (AGEL) is making headlines with a series of significant developments that highlight its commitment to both operational expansion and environmental sustainability. Recently, AGEL achieved a remarkable milestone by becoming the first renewable energy Independent Power Producer (IPP) globally to attain "water positive" status across its extensive operational portfolio, which exceeds 14 gigawatts (GW) in capacity. This accomplishment was reached a year ahead of its initial target set for fiscal year 2026, showcasing the company's proactive approach to environmental stewardship.
Certified by the global assurance firm Intertek, AGEL's water positive status was confirmed through comprehensive audits across 103 operational sites and 85 water conservation sites. This certification signifies that AGEL replenishes more fresh water to nature than it consumes in its operations, a crucial achievement given the growing concerns over water scarcity in many regions of India.
AGEL's water conservation efforts are substantial, equating to approximately 467 Olympic-sized swimming pools and exceeding the half-yearly water demand of Lakshadweep. The company has revitalized eighty-five ponds, benefiting over 123,000 individuals, particularly in water-scarce communities. These initiatives are vital as many of AGEL's solar and wind plants are located in arid regions, such as the Thar Desert and Khavda in Gujarat.
In addition to its water conservation efforts, AGEL has integrated advanced technologies into its operations. Over 54% of its operational capacity employs robotic cleaning for solar modules, which saves roughly 546 million liters of water annually. Other methods include deepening traditional water bodies, rainwater harvesting, and pilot projects that extract clean drinking water from humid air. Furthermore, AGEL's operational portfolio is certified as single-use plastic-free and zero waste-to-landfill, reinforcing its commitment to sustainability.
In a parallel development, AGEL's subsidiary, Adani Green Energy Sixty Nine Ltd, has signed a significant 25-year Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Limited (UPPCL) for the supply of 400 megawatts (MW) of solar power. The power will be generated from a grid-connected photovoltaic project slated for development in Rajasthan, with an agreed tariff of ₹2.57 per kilowatt-hour (kWh), aligning with current market competitiveness.
These developments come on the heels of AGEL's impressive financial performance for the fiscal year 2024-25. The company reported a 23% increase in power supply revenue, reaching ₹9,495 crore. During the same period, EBITDA rose by 22% to ₹8,818 crore, with a margin of 91.7%, and cash profits grew by 22% to ₹4,871 crore. AGEL also commissioned 3,309 MW of additional renewable capacity in FY24-25, increasing its total operational capacity by 30% to 14.2 GW.
As AGEL continues to expand its operational capabilities, it has set an ambitious goal of achieving 45 GW of renewable energy capacity by 2030. This positions the company as one of the world's largest renewable energy developers, dedicated to accelerating India's transition to sustainable power.
In another noteworthy development, Adani Wind, a subsidiary of the Adani Group, is also making strides in the renewable energy sector. The company has expanded its wind turbine capacity from 1.5 GW to 2.25 GW over the past year. This expansion is complemented by Adani Wind's focus on the domestic market, while also eyeing opportunities in the export market.
Officials have indicated that Adani Wind is currently in discussions with various Independent Power Producers (IPPs) in Germany, where its turbines are suitable for repowering projects. This move is timely, as Germany has several repowering initiatives underway, highlighting Adani Wind's strategic approach to tapping into international markets.
In its latest financial report, Adani Enterprises revealed that the EBITDA from its wind turbines segment for the March quarter was at ₹274 crore. This performance underscores the growing traction Adani Wind is gaining in the renewable energy landscape.
Additionally, the promoter group of Adani Green Energy has recently exercised and converted over 53.9 lakh warrants into an equal number of equity shares worth ₹598 crore. This conversion has increased the promoter group's shareholding from 61.16% to 61.29%. In January 2024, Adani Green had allotted 6.3 crore convertible warrants to Ardour Investment Holding Ltd. through a preferential allotment to raise funds.
The issue price for these warrants was ₹1,480.75 each, with an initial subscription amount of ₹370.19 per warrant received at the time of allotment. The board approved the allotment of the newly issued shares at a premium of ₹1,470.75 per share against the receipt of the balance subscription amount. Ardour can convert the remaining 4.87 crore warrants by July 24, 2025.
As of May 9, 2025, shares of Adani Green ended 0.18% lower at ₹878.9 apiece on the Bombay Stock Exchange (BSE), reflecting a broader trend as the stock has fallen 48% in the last 12 months and by 15% so far this year.
These developments from AGEL and its subsidiaries not only reflect a strong commitment to renewable energy and sustainability but also illustrate the dynamic nature of the renewable energy sector in India. As the country seeks to enhance its energy security and transition to cleaner power sources, companies like AGEL are poised to play a pivotal role in shaping the future of energy in the region.
