Adani Green Energy Limited (AGEL) is an Indian

renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...

company, headquartered in

Ahmedabad Ahmedabad ( ), also spelled 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 ...

, India. It is majority-owned by the Indian conglomerate

Adani Group Adani Group (, ) is an Indian Multinational corporation, multinational Conglomerate (company), conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business, the Group's businesses include port, sea ...

, whuch is a major international coal-mining enterprise, and minority-owned by

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

. The company operates Kamuthi Solar Power Project, one of the largest

solar photovoltaic A photovoltaic system, also called a 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 abs ...

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 (No. 18 of 2013) is an Act of Parliament, Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 19 ...

. During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori,

Madhya Pradesh Madhya Pradesh (; ; ) is a state in central India. Its capital is Bhopal and the largest city is Indore, Indore. Other major cities includes Gwalior, Jabalpur, and Sagar, Madhya Pradesh, Sagar. Madhya Pradesh is the List of states and union te ...

. 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. 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 acce ...

agreement with the

Government of Rajasthan The Government of Rajasthan is the supreme governing authority of the Indian state of Rajasthan and its districts of Rajasthan, 41 districts. It consists of an executive branch, led by the governor of Rajasthan, as well as judiciary and legis ...

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

Adani Enterprises Adani Enterprises Limited (AEL) 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 subsi ...

and got itself listed at

National Stock Exchange of India National Stock Exchange of India Limited, also known as the National Stock Exchange (NSE), is an Indian stock exchange based in Mumbai. It is the List of stock exchanges, 5th largest stock exchange in the world by total market capitalization, ...

and

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange based in Mumbai. It is the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion in May 2024. Established with t ...

. 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, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

namely

Uttar Pradesh Uttar Pradesh ( ; UP) is a States and union territories of India, state in North India, northern India. With over 241 million inhabitants, it is the List of states and union territories of India by population, most populated state in In ...

Rajasthan Rajasthan (; Literal translation, lit. 'Land of Kings') is a States and union territories of India, state in northwestern India. It covers or 10.4 per cent of India's total geographical area. It is the List of states and union territories of ...

Punjab Punjab (; ; also romanised as Panjāb or Panj-Āb) is a geopolitical, cultural, and historical region in South Asia. It is located in the northwestern part of the Indian subcontinent, comprising areas of modern-day eastern Pakistan and no ...

Maharashtra Maharashtra () is a state in the western peninsular region of India occupying a substantial portion of the Deccan Plateau. It is bordered by the Arabian Sea to the west, the Indian states of Karnataka and Goa to the south, Telangana to th ...

Gujarat Gujarat () is a States of India, state along the Western India, 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 List of states and union territories ...

Chhattisgarh Chhattisgarh (; ) is a landlocked States and union territories of India, state in Central India. It is the List of states and union territories of India by area, ninth largest state by area, and with a population of roughly 30 million, the List ...

Andhra Pradesh Andhra Pradesh (ISO 15919, ISO: , , AP) is a States and union territories of India, state on the East Coast of India, east coast of southern India. It is the List of states and union territories of India by area, seventh-largest state and th ...

Karnataka Karnataka ( ) is a States and union territories of India, state in the southwestern region of India. It was Unification of Karnataka, formed as Mysore State on 1 November 1956, with the passage of the States Reorganisation Act, 1956, States Re ...

Tamil Nadu Tamil Nadu (; , TN) is the southernmost States and union territories of India, state of India. 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 Indi ...

, and

Telangana Telangana is a States and union territories of India, state in India situated in the Southern India, south-central part of the Indian subcontinent on the high Deccan Plateau. It is the List of states and union territories of India by area, ele ...

. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.36 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 Solar Energy Corporation of India (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. 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.

Green bonds

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

green bond A green bond is a fixed-income financial instrument ( bond) which is used to fund projects that have positive environmental benefits. When referring to climate change mitigation projects they are also known as ''climate bonds''. Green bonds follow ...

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 media conglomerate, headquartered in Mumbai, India. The group has had business interests in mass media, infrastructure and packaging. Founded in 1926 as the Messrs Ramgopal Indraprasad by Jagan ...

'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 TotalEnergies entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter. In May 2021, AGEL acquired SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.

Controversies

Rajasthan Solar Park

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

Pokhran Pokhran (official spelling Pokaran; ) is a town and a municipality located 112 km east of Jaisalmer city in the Jaisalmer district of the Indian state of Rajasthan. It is situated in the Thar Desert region. Surrounded by rocks, sand and ...

after which High Court of Rajasthan has ordered status quo.

Allegations of stock manipulation

In January 2023,

Hindenburg Research Hindenburg Research LLC was a U.S. investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017. Named after the 1937 ''Hindenburg'' disaster, which they characterize as a human-made avoidable disaster, the ...

published the findings of a two-year investigation claiming that Adani had engaged in

market manipulation In economics and finance, market manipulation occurs when someone intentionally alters the supply or demand of a security to influence its price. This can involve spreading misleading information, executing misleading trades, or manipulating ...

and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies. Bonds and shares of companies associated with Adani experienced a decline in value after the accusations. Adani denied the fraud allegations as unfounded and ill intentioned.

References

External links

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