Adani Green Energy aims to increase operational RE portfolio to 11 GW in FY24: CEO Amit Singh

New Delhi: Adani Green Energy Limited (AGEL) has a planned capex of Rs 14,000 crore and aims to achieve operational capacity of 11 GW in FY24, its CEO Amit Singh said.

The company has an operating renewable energy (RE) portfolio of 8.4 GW across solar, wind and hybrid capacity, the company official said in an investor presentation.

"With plans to deliver 2.8-3 GW capacity in FY24, the company’s operating portfolio will increase to 11 GW. In FY24, the company has indicated a capex of Rs 14,000 crore," Singh said.

A large part of the capacity addition will come in Khavda in Gujarat where the company has deployed a workforce of more than 5,000 people.

The company plans is to add 5 GW of RE portfolio every year from FY25 onwards, he added.

"We have the largest operating renewable portfolio in India. We are ramping up our execution capabilities as we prepare for our next phase of growth. We are working extensively on our next milestone of developing the largest RE cluster in the world in Khavda in Gujarat," Singh said.

AGEL's 97 per cent capacity is under long-term fixed tariff Power Purchase Agreements (PPAs) of 25-year duration and an average portfolio tariff of Rs 3.02 per unit. Its customer base includes Solar Energy Corporation of India (SECI), NTPC and various state DISCOMs.

AGEL's projects are coming up in Rajasthan, Gujarat, Andhra Pradesh and Karnataka.

The company is targeting 45 GW of renewable energy capacity by 2030. India's target is to install 500 GW renewables capacity by 2030.