Adani Green Energy

{{Infobox company

| name = Adani Green Energy Limited

| logo = Adani_Green_Energy_logo.svg

| logo_size = 200px

| caption =

| image = KamuthiSolarPark.jpg

| image_size = 260px

| image_caption = Aerial view of Kamuthi Solar Power Project

| type = Public

| traded_as = {{plainlist|

{{BSE|541450}}
{{NSE|ADANIGREEN}}}}

| ISIN = INE364U01010

| genre =

| fate =

| predecessor =

| successor =

| foundation = {{Start date and age|df=yes|2015}}

| founder = Gautam Adani

| defunct =

| location_city = Ahmedabad, Gujarat

| location_country = India

| location =

| locations =

| area_served = India

| key_people = Vineet S. Jain (Managing Director and CEO){{Cite web|url=https://www.adanigreenenergy.com/about-us/ceo-message|title = Vneet S. Jaain | Managing Director & CEO, Adani Green Energy Ltd}}{{Cite news|url=https://www.business-standard.com/article/news-cm/board-of-adani-green-energy-appoints-md-ceo-120071001364_1.html|title = Board of Adani Green Energy appoints MD& CEO|newspaper = Business Standard India|date = 10 July 2020|last1 = Market|first1 = Capital}}

| industry = Renewable energy

| products = {{plainlist|

| services =

| revenue = {{profit}} {{INRConvert|10460|c}}{{Cite web|url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/cfc11906-8490-4143-897d-0bef10e3b5f1.pdf |title = Adani Green Energy Ltd financials|work=moneycontrol.com}}

| revenue_year = 2024

| operating_income = {{profit}} {{INRConvert|1628|c}}

| income_year = 2024

| net_income = {{profit}} {{INRConvert|1260|c}}

| net_income_year = 2024

| assets = {{increase}} {{INRConvert|88538|c}}

| assets_year = 2024

| equity = {{increase}} {{INRConvert|17448|c}}

| equity_year = 2024

| num_employees = 3,324 (including 1727 off-roll) (2024)

| parent = Adani Group (55%)
TotalEnergies (20%)

| divisions =

| subsid =

| homepage = {{URL|adanigreenenergy.com}}

| footnotes = {{Cite web |title=Adani Green Energy Limited - Annual Report |url=https://reports.adani.com/Adani-Green-Energy-Limited-Annual-Report/index.html |access-date=2023-04-13 |website=Adani Group}}

| intl =

}}

Adani Green Energy Limited (AGEL) is an Indian renewable energy company, headquartered in Ahmedabad, India.{{Cite web|url=http://m.moneycontrol.com/stock/adanigreenenergylimited/ADANI54145/company-facts/management|title=Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol|website=m.moneycontrol.com|access-date=2020-03-05}} It is majority-owned by the Indian conglomerate Adani Group, which is a major international coal-mining enterprise, and minority-owned by TotalEnergies. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.{{Cite web|url=https://thenextweb.com/insider/2016/11/30/india-solar-power-plant-huge/|title=India has built the world's largest solar power plant|last=Mix|date=2016-11-30|website=The Next Web|language=en-us|access-date=2020-03-13}}{{Cite web|url=https://www.nationalgeographic.com/news/2017/11/mega-projects-fail-infrastructure-energy-dams-nuclear/|archive-url=https://web.archive.org/web/20200111163434/https://www.nationalgeographic.com/news/2017/11/mega-projects-fail-infrastructure-energy-dams-nuclear/|url-status=dead|archive-date=11 January 2020|title=Massive Infrastructure Projects Are Failing at Unprecedented Rates|date=2017-11-20|website=National Geographic News|language=en|access-date=2020-03-13}}{{Cite web|url=https://interestingengineering.com/india-unveils-worlds-largest-solar-power-plant|title=India Unveils World's Largest Solar Power Plant|date=2016-12-11|website=interestingengineering.com|language=en-US|access-date=2020-03-13}}

History

The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the Companies Act 2013.{{Cite web|url=https://economictimes.indiatimes.com/adani-green-energy-ltd/infocompanyhistory/companyid-64847.cms|title=Adani Green Energy History {{!}} Adani Green Energy Information |website=Economic Times|access-date=2020-03-05}}{{Cite news|url=https://www.business-standard.com/company/adani-green-70666/information/company-history|title=Adani Green Energy Ltd.|work=Business Standard India|access-date=2020-03-05}}

During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori, Madhya Pradesh.{{Cite news|url=https://economictimes.indiatimes.com/industry/energy/power/inox-wind-bags-two-70-mw-wind-energy-projects-from-adani-green/articleshow/51792352.cms?from=mdr|title=Inox Wind bags two 70-MW wind energy projects from Adani Green|date=2016-04-12|work=The Economic Times|access-date=2020-03-05}} 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.{{Cite web|url=https://www.bloombergquint.com/business/inox-wind-closes-deal-to-sell-50-mw-wind-project-to-adani-green-energy|title=Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy|website=BloombergQuint|date=16 October 2019 |language=en|access-date=2020-03-12}}

In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a joint venture agreement with the Government of Rajasthan.{{Cite web|url=https://www.thehindubusinessline.com/news/national/adani-rajasthan-govt-form-jt-venture-to-set-up-solar-park/article7318806.ece|title=Adani, Rajasthan govt form jt venture to set up solar park|website=@businessline|date=15 June 2015 |language=en|access-date=2020-03-05}}

In 2017, the company took the complete control of overall solar energy portfolio of Adani Enterprises and got itself listed at National Stock Exchange of India and Bombay Stock Exchange.{{Cite web|url=https://mnacritique.mergersindia.com/adani-renewable-energy-demerger/|title=Adani Enterprises to demerge renewable energy business|last=Jain|first=Hiteshkumar|date=2017-12-11|website=M&A Critique|language=en-US|access-date=2020-03-12}}{{Cite web|url=https://www.saurenergy.com/solar-energy-news/adani-enterprises-to-demerge-renewable-energy-business-to-simplify-structure|title=Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure|website=www.saurenergy.com|access-date=2020-03-12}}

In 2022, Adani Green Energy Limited had a market cap of Rs. 3,26,635.42 crore.{{Cite web |title=Top 100 stocks by Market Capitalization {{!}} BSE Listed stocks Market Capitalization |url=https://www.bseindia.com/markets/equity/eqreports/topmarketcapitalization.aspx |access-date=2022-12-19 |website=www.bseindia.com}}

Operations

Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states of India namely Uttar Pradesh, Rajasthan, Punjab, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.36 GW.{{Cite news|url=https://economictimes.indiatimes.com/industry/energy/power/adani-green-energy-arm-bags-130-mw-wind-power-project-from-seci/articleshow/69874616.cms?from=mdr|title=Adani Green Energy arm bags 130-MW wind power project from SECI|date=2019-06-20|work=The Economic Times|access-date=2020-03-05}}

As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.{{Cite web|url=https://www.moneycontrol.com/annual-report/adanigreenenergylimited/directors-report/ADANI54145|title=Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors|website=www.moneycontrol.com|language=en|access-date=2020-03-05}}

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.{{Cite news|author=|date=2020-06-09|title=Adani Green hits new high on winning world's largest solar bid worth $6 bn|work=Business Standard India|url=https://www.business-standard.com/article/markets/adani-green-hits-new-high-stock-zooms-127-in-three-months-120060900281_1.html|access-date=2020-06-30}}{{Cite web|date=2020-06-09|title=Adani wins world's largest solar project; to invest Rs 45,000 crore|url=https://www.financialexpress.com/industry/adani-wins-worlds-largest-solar-project-to-invest-rs-45000-crore/1986420/|access-date=2020-06-10|website=The Financial Express|language=en-US}}

In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.{{Cite web|agency=Reuters|author=Anuron Kumar Mitra|title=India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal|url=https://www.nasdaq.com/articles/indias-adani-green-to-buy-softbank-backed-sb-energy-in-%243.5-billion-deal-2021-05-18|access-date=2021-05-19|website=Nasdaq|language=en}}

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.{{cite web | last=Walia | first=Aggam | title=With core assets in Khavda & Mundra, Kachchh becomes central to Adani’s green ambitions | website=The Indian Express | date=8 Apr 2024 | url=https://indianexpress.com/article/business/economy/with-core-assets-in-khavda-mundra-kachchh-becomes-central-to-adanis-green-ambitions-9257059/ | access-date=20 Aug 2024}}{{cite web | title=Adani Green's Khavda power plant world's largest, five times the size of Paris | website=The Economic Times | date=7 Apr 2024 | url=https://economictimes.indiatimes.com/industry/renewables/adani-greens-khavda-power-plant-worlds-largest-five-times-the-size-of-paris/articleshow/109107172.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst | access-date=20 Aug 2024}}

Green bonds

In late 2019, AGEL became the first Indian company to offer investment-grade US dollar green bonds worth US$362.5 million{{Cite web|url=https://www.saurenergy.com/solar-energy-news/adani-green-energys-362-5-mn-green-bonds-attracts-strong-interest|title=Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest|website=www.saurenergy.com|access-date=2020-03-12}} to foreign investors.{{Cite web|url=https://esg.theasset.com/ESG/39820/the-asset-talk-adani-green-energy-us3625-million-amortizing-senior-secured-green-bond|title=The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond|website=esg.theasset.com|language=en|access-date=2020-03-12}} The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019{{Cite web|url=https://www.moneycontrol.com/news/business/markets/adani-green-energy-arms-to-issue-bonds-worth-362-5-million-4504341.html|title=Adani Green Energy arms to issue bonds worth $362.5 million|website=Moneycontrol|date=4 October 2019 |access-date=2020-03-12}} and it will mature on the same date in 2039.{{Cite news|last=Market|first=Capital|url=https://www.business-standard.com/article/news-cm/adani-green-energy-to-issue-usd-362-50-million-green-bonds-119100400777_1.html|title=Adani Green Energy to issue USD 362.50 million Green Bonds|date=2019-10-04|work=Business Standard India|access-date=2020-03-12}}

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.{{Cite web|url=https://www.thehindubusinessline.com/companies/adani-green-energy-acquires-remaining-51-per-cent-stake-in-kodangal-solar-parks/article25980090.ece|title=Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks|last=PTI|website=@businessline|date=12 January 2019 |language=en|access-date=2020-03-12}}{{Cite news|agency=Press Trust of India|url=https://www.business-standard.com/article/companies/adani-green-energy-acquires-remaining-51-stake-in-kodangal-solar-parks-119011200552_1.html|title=Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks|date=2019-01-12|work=Business Standard India|access-date=2020-03-12}}

In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205MW located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx. ₹1,300 crores).{{Cite web|url=https://www.livemint.com/industry/energy/essel-group-in-talks-with-adani-to-sell-solar-energy-assets-1569517438223.html|title=Essel Group in talks with Adani to sell solar energy assets|last=Thomas|first=Tanya|date=2019-09-26|website=Livemint|language=en|access-date=2020-03-12}} AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.{{Cite news|last=Laghate|first=Gaurav|url=https://economictimes.indiatimes.com/industry/energy/power/adani-green-may-buy-rest-of-essels-480-mw-solar-assets/articleshow/72701862.cms?from=mdr|title=Adani Green may buy rest of Essel's 480-MW solar assets|date=2019-12-15|work=The Economic Times|access-date=2020-03-12}}

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.{{Cite news|url=https://economictimes.indiatimes.com/small-biz/productline/power-generation/adani-green-energy-surges-after-signing-deal-with-total-for-510-million/articleshow/74133215.cms|title=Adani Green Energy surges after signing deal with Total for $510 million|date=2020-02-14|work=The Economic Times|access-date=2020-03-12}}{{Cite news|last=Market|first=Capital|url=https://www.business-standard.com/article/news-cm/adani-green-energy-signs-deal-for-total-s-investment-of-usd-510-mn-in-solar-venture-120021400317_1.html|title=Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture|date=2020-02-14|work=Business Standard India|access-date=2020-03-12}}{{Cite web |date=2021-01-18 |title=Total to Acquire 20% of AGEL the Largest Solar Developer in the World |url=https://totalenergies.com/media/news/press-releases/total-to-acquire-20-percent-of-AGEL-the-largest-solar-developer-in-the-world |access-date=2024-04-27 |website=TotalEnergies.com |language=en}}

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 after which High Court of Rajasthan has ordered status quo.{{Cite news|agency=Press Trust of India|date=2020-09-08|title=Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran|work=Business Standard India|url=https://www.business-standard.com/article/companies/raj-hc-temporarily-stays-adani-s-1500-mw-solar-power-project-near-pokhran-120090802001_1.html|access-date=2021-03-10}}

=Allegations of stock manipulation =

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.{{cite web |url=https://hindenburgresearch.com/adani/ |title=Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History |date=January 24, 2023 |website=hindenburgresearch.com |publisher=Hindenburg Research |access-date=January 24, 2023 }}{{cite news |last1=Thomas |first1=Chris |last2=Kalra |first2=Aditya |title=Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge |url=https://www.reuters.com/markets/asia/hindenburg-says-holds-short-positions-indias-adani-flags-risks-2023-01-25/ |access-date=25 January 2023 |work=Reuters |date=25 January 2023 |language=en}}{{cite news |last1=Sorkin |first1=Andrew Ross |last2=Mattu |first2=Ravi |last3=Warner |first3=Bernhard |last4=Kessler |first4=Sarah |last5=de la Merced |first5=Michael J. |last6=Hirsch |first6=Lauren |last7=Livni |first7=Ephrat |title=A Short Seller Takes Aim at an Indian Corporate Giant |url=https://www.nytimes.com/2023/01/25/business/dealbook/short-seller-hindenburg-adani.html |access-date=25 January 2023 |work=The New York Times |date=25 January 2023}}{{cite news |last1=Lockett |first1=Hudson |title=Adani shares take $10.8bn hit after Hindenburg bets against group |url=https://www.ft.com/content/4aedaaf9-9ee8-4334-945c-12ac08429d6a |access-date=25 January 2023 |work=Financial Times |date=25 January 2023}} Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.{{cite news |last1=Lee |first1=Jihye |title=Adani shares fall as short seller firm Hindenburg announces short position |url=https://www.cnbc.com/2023/01/25/adani-group-hindenburg-short-position.html |access-date=25 January 2023 |work=CNBC |date=25 January 2023 |language=en}}{{cite news |last1=Kay |first1=Chris |last2=Vishnoi |first2=Abhishek |last3=Joshi |first3=Ashutosh |title=Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff |url=https://www.bloomberg.com/news/articles/2023-01-25/adani-group-stocks-drop-after-hindenburg-takes-short-position |access-date=25 January 2023 |work=Bloomberg News |date=25 January 2023 |language=en}} Adani denied the fraud allegations as unfounded and ill intentioned.