Adani Green Energy

Adani Green Energy Limited
Company type	Public
Industry	Renewable energy
Founded	January 23, 2016; 10 years ago
Headquarters	Ahmedabad, India
Area served	India
Products	Solar power, Wind power
Owner	Adani Group (majority), TotalEnergies (minority)
Parent	Adani Group
Website	www.adanigreenenergy.com

Adani Green Energy Limited (AGEL) is an Indian renewable energy enterprise based in Ahmedabad, India. The majority ownership lies with the Indian conglomerate Adani Group, a prominent global coal mining company, while TotalEnergies holds a minority share. AGEL operates the Kamuthi Solar Power Project, recognized as one of the largest solar photovoltaic installations worldwide.

History

Incorporated on 23 January 2016 under the Companies Act 2013, the company began its journey as Adani Green Energy Limited.

Early collaborations included a partnership with Inox Wind to develop a 20 MW wind energy facility in Lahori, Madhya Pradesh. Additionally, AGEL acquired Inox Wind’s 50 MW wind project located in Dayapar village, Kutch, initially established through capacity bids by the Solar Energy Corporation of India linked to the National Grid.

During 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, entered into a joint venture with the Government of Rajasthan to create a solar park.

In 2017, AGEL assumed complete ownership of the solar assets previously held by Adani Enterprises and subsequently got listed on both the National Stock Exchange of India and Bombay Stock Exchange.

By 2022, Adani Green Energy Limited's market capitalization reached Rs. 3,26,635.42 crore.

Operations

AGEL oversees approximately 5,290 MW of combined wind and solar power capacity spread over 46 projects across 11 Indian states: Uttar Pradesh, Rajasthan, Punjab, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. The company’s portfolio totals around 5.29 GW with about 2.36 GW currently operational.

As of 31 March 2019, AGEL includes one joint venture and 39 subsidiaries within its corporate structure.

In May 2020, AGEL secured a record-breaking solar contract from the Solar Energy Corporation of India (SECI), valued at $6 billion for an 8,000 MW photovoltaic power project.

A year later in May 2021, AGEL announced the $3.5 billion acquisition of SB Energy Holdings Limited, which was backed by SoftBank.

The Khavda renewable energy facility commenced in December 2022 and began production on December 31, 2023. Covering an area of 538 square kilometers, this hybrid project generates solar power during daylight hours and wind power in the evening, featuring a solar capacity of 2,000 MW.

Green bonds

In late 2019, AGEL became the pioneer Indian firm to issue investment-grade US dollar green bonds totaling US$362.5 million aimed at international investors. These bonds were listed on Singapore Exchange Securities Trading Limited (SGX-ST) on 15 October 2019 and have a maturity date set for 2039.

Acquisitions

In March 2018, AGEL acquired a 49% interest in Kodangal Solar Parks Private Limited as part of a joint venture arrangement and completed full ownership by acquiring the remaining 51% in 2019.

Mid-2019 saw AGEL purchase Essel Group’s solar portfolio amounting to 205 MW across Punjab, Karnataka, and Uttar Pradesh for roughly US$185 million (₹1,300 crores), with intentions to acquire an additional under-construction portfolio totaling 480 MW.

In early 2020, French multinational TotalEnergies invested US$510 million to obtain a 20% stake in AGEL.

The $3.5 billion acquisition of SoftBank Group-backed SB Energy Holdings Limited was finalized by AGEL in May 2021.

Rajasthan Solar Park

The development of a 1.5GW solar facility in Pokhran faced opposition from local agricultural communities, prompting the Rajasthan High Court to impose a status quo order.

Allegations of stock manipulation

In January 2023, Hindenburg Research published findings from a two-year probe accusing Adani of market manipulation and accounting irregularities, while simultaneously holding short positions against Adani Group entities. These accusations triggered a significant drop in the bonds and equities linked to Adani companies. The Adani Group refuted these charges, labeling them as baseless and malicious.

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