Adani Green Energy Limited (AGEL) is an Indian

renewable energy Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy ...

company headquartered in

Ahmedabad Ahmedabad ( ; Gujarati: Amdavad ) is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 5,570,585 (per t ...

Gujarat Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth ...

. It is owned by Indian conglomerate

Adani Group Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. It was founded by Gautam Adani in 1988 as a commodity trading business, with the flagship company Adani Enterprises. The Group's diverse businesses include po ...

. The company operates

Kamuthi Solar Power Project Kamuthi Solar Power Project is a photovoltaic power station spread over an area of in Kamuthi, Ramanathapuram district, 90 km from Madurai, in the state of Tamil Nadu, India. The project was commissioned by Adani Power. With a generatin ...

, one of the largest

solar photovoltaic A photovoltaic system, also PV system or solar power system, is an electric power system designed to supply usable solar power by means of photovoltaics. It consists of an arrangement of several components, including solar panels to absorb and co ...

plants in the world.

History

The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the

Companies Act 2013 The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. The 2013 Act is divided into 29 chapters containing ...

. During the initial days of existence, AGEL and

Inox Wind INOX Wind Limited is an Indian wind energy service provider. Headquartered in Noida, India, the company is a subsidiary of the INOX Group. INOX Wind Limited manufactures Wind Turbine Generators (WTGs) and provides services including wind resourc ...

together established a 20 MW capacity wind power project in Lahori,

Madhya Pradesh Madhya Pradesh (, ; meaning 'central province') is a state in central India. Its capital is Bhopal, and the largest city is Indore, with Jabalpur, Ujjain, Gwalior, Sagar, and Rewa being the other major cities. Madhya Pradesh is the seco ...

. Also, AGEL bought

'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 Solar may refer to: Astronomy * Of or relating to the Sun ** Solar telescope, a special purpose telescope used to observe the Sun ** A device that utilizes solar energy (e.g. "solar panels") ** Solar calendar, a calendar whose dates indicate t ...

's capacity bids for wind power projects connected to the National Grid. In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

agreement with the

Government of Rajasthan The Government of Rajasthan is the supreme governing authority of the Indian state of Rajasthan and its 33 districts. It consists of an executive, led by the Governor of Rajasthan, a judiciary and a legislative. Jaipur is the capital of Raja ...

. In 2017, the company took the complete control of overall solar energy portfolio of

Adani Enterprises Adani Enterprises Limited is an Indian multinational publicly listed holding company and a part of Adani Group. It is headquartered in Ahmedabad and primarily involved in mining and trading of coal and iron ore. Through its various subsidiari ...

and got itself listed at

National Stock Exchange of India National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, Mah ...

and

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange in ...

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

Operations

Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states of

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

namely

Uttar Pradesh Uttar Pradesh (; , 'Northern Province') is a state in northern India. With over 200 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world. It was established in 1950 ...

Rajasthan Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern si ...

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...

Maharashtra Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union te ...

Chhattisgarh Chhattisgarh (, ) is a landlocked state in Central India. It is the ninth largest state by area, and with a population of roughly 30 million, the seventeenth most populous. It borders seven states – Uttar Pradesh to the north, Madhya Prade ...

Andhra Pradesh Andhra Pradesh (, abbr. AP) is a state in the south-eastern coastal region of India. It is the seventh-largest state by area covering an area of and tenth-most populous state with 49,386,799 inhabitants. It is bordered by Telangana to the ...

Karnataka Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...

Tamil Nadu Tamil Nadu (; , TN) is a States and union territories of India, state in southern India. It is the List of states and union territories of India by area, tenth largest Indian state by area and the List of states and union territories of India ...

, and

Telangana Telangana (; , ) is a States and union territories of India, state in India situated on the south-central stretch of the Indian subcontinent, Indian peninsula on the high Deccan Plateau. It is the List of states and union territories of India b ...

. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.32 GW. As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries. In May 2020, AGEL won the world's largest solar bid worth $6 billion by the

(SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant. In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.

Green bonds

In late 2019, AGEL became the first Indian company to offer investment-grade US dollar

green bond Green bonds (also known as climate bonds) are fixed-income financial instruments (Bond (finance), bonds) which are used to fund projects that have positive environmental and/or Climate change mitigation, climate benefits. They follow the Green B ...

s worth US$362.5 million to foreign investors. The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019 and it will mature on the same date in 2039.

Acquisitions

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

Essel Group Essel Group, (also known as Zee Group) is an Indian multinational conglomerate holding company and corporate promoter headquartered in Mumbai, Maharashtra, India. The company has had business interests in mass media, infrastructure and packag ...

's solar power portfolio of 205MW located in

and

for US$185 million (approx. ₹1,300 crores). AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction. In early 2020, French energy company

Total S.A. TotalEnergies SE is a French multinational integrated energy and petroleum company founded in 1924 and one of the seven supermajor oil companies. Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and ...

entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.

Controversies

Rajasthan Solar Park

Local farmers have opposed to construction of 1.5GW solar park at

Pokhran Pokhran is a village and a municipality located, outside of Jaisalmer city in the Jaisalmer district of the Indian state of Rajasthan. It is a remote location in the Thar Desert region and served as the site for India's first underground nucle ...

after which High Court of Rajasthan has ordered status quo.

References

{{SPIN Adani Group Companies based in Ahmedabad Solar energy companies of India Utilities of India Energy in Gujarat Energy companies established in 2015 Indian companies established in 2015 2015 establishments in Gujarat Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange