Adani Green Energy
Adani Green Energy is India's largest renewable power producer, operating 19.3 GW of utility-scale solar, wind, and hybrid projects (plus battery storage) across 12 states. It sells electricity primarily through 25-year fixed-tariff Power Purchase Agreements with central and state government entities, targeting 50 GW by 2030.
- Company typePublic
- Founded2015
- HeadquartersAhmedabad, India
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Adani Green Energy does
Adani Green Energy Limited (AGEL) is India's largest renewable power producer and a publicly listed subsidiary of the Adani Group (NSE: ADANIGREEN, BSE: 541450; listed June 2018), incorporated in Ahmedabad in 2015. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar, wind, and hybrid power projects, plus battery energy storage, across 12 Indian states. As of FY26 it operates 19.3 GW of renewable capacity (10,105.5 MW solar, 1,877.8 MW wind, plus hybrid), with a stated target of 50 GW by 2030. Flagship installations include the 30 GW Khavda Renewable Energy Park in Gujarat (world's largest single-location renewable complex at 538 sq km, 9.4+ GW operational), the 2,140 MW Jaisalmer wind-solar hybrid cluster (world's largest hybrid cluster), the 648 MW Kamuthi solar park, and a 3.37 GWh battery storage system at Khavda. Operations are supported by the company's Energy Network Operations Centre (ENOC), a proprietary AI/ML-enabled real-time monitoring and asset-management platform.
AGEL sells electricity primarily through 25-year fixed-tariff Power Purchase Agreements with central government entities (notably the Solar Energy Corporation of India) and state government utilities, with a smaller but growing merchant power channel (34% share of India's Green Day-Ahead Market in Q4 2025). Revenue grew from Rs 2,419 crore (FY21) to Rs 11,602 crore (FY26), a 22% year-over-year increase, with core EBITDA of Rs 10,865 crore at a 92% operational EBITDA margin from power sales. The business model is capital-intensive and contract-anchored: revenue visibility is high but the model depends on sustained access to long-tenor project finance and continued competitive wins in central- and state-level reverse auctions.
Strategic positioning is shaped by Adani Group backing, anchor partnerships with TotalEnergies (50:50 JV over 2,148 MW of solar assets), Qatar Investment Authority (~$500M stake), and IHC ($500M investment), plus an institutional-grade ESG profile (FTSE Russell #1 globally, Sustainalytics Top 5, CRISIL #1 in power sector for four consecutive years). The principal risk vectors are a high net debt position of Rs 91,000 crore at FY26-end (8.5x net debt-to-EBITDA, up from FY25), a concentrated sovereign offtake base, residual reputational overhang from prior U.S. regulatory actions (now resolved in May 2026), and exclusions by ESG-sensitive institutional investors such as Norway's sovereign wealth fund.
Adani Green Energy firmographics
Firmographics- Name
- Adani Green Energy
- Legal name
- Adani Green Energy Limited
- Website
- https://adanigreenenergy.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Adani Green Energy is India's largest renewable power producer, operating 19.3 GW of utility-scale solar, wind, and hybrid projects (plus battery storage) across 12 states. It sells electricity primarily through 25-year fixed-tariff Power Purchase Agreements with central and state government entities, targeting 50 GW by 2030.
- Ownership category
- akta.pro rank
Adani Green Energy industry classification
Industry- Product category
- Renewable Energy Generation
- NAICS
- Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111)
- SIC
- Electric Services (4911), Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Utility-Scale Power Generation Asset Management (EUAEAMAA)
- akta.pro secondary industries
- Renewable Energy Industrial Facilities Construction (Solar, Wind, Storage) (IMAFADAD), Renewable Grid Interconnection & Collector Systems (Solar/Wind) (IMAFAHAD), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)
Keywords
Where Adani Green Energy is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Offices4 records
Markets served
Adani Green Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel
Revenue model
- Power Supply (PPA-based): AGEL generates revenue through long-term Power Purchase Agreements (PPAs) of 25 years with central and state government entities and government-backed corporations. The electricity generated from operational solar and wind projects is supplied under these fixed-term contracts, providing predictable revenue streams. Revenue from power supply grew from Rs 2,419 crore (FY21) to Rs 9,495 crore (FY25).
- Merchant Power Sales: In addition to PPA-based revenue, AGEL sells electricity in the merchant market. The company was the leading seller in the Green Day-Ahead Market with 34% share of electricity sold during Q4 2025. Some projects operate as merchant power projects (e.g., 250 MW standalone merchant project in Gujarat).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Government PPA contracts - fixed rate power supply agreements |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Adani Green Energy product offering
Product offeringCore offering
Adani Green Energy develops, builds, owns, operates, and maintains utility-scale grid-connected solar, wind, and hybrid (solar-wind) power generation projects across India, with 19.3 GW of operational capacity across 12 states. The company sells electricity to central and state government utilities and corporations through long-term 25-year Power Purchase Agreements (PPAs), and also operates a 3.37 GWh utility-scale Battery Energy Storage System (BESS) at Khavda, Gujarat to provide dispatchable clean power.
Product overview
Adani Green Energy Limited (AGEL) is one of the largest renewable energy companies in India, operating as a unified portfolio of clean energy generation assets rather than a modular software platform. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects, along with hybrid power installations and battery energy storage systems. The portfolio consists of solar power (10,105.5 MW operational), wind power (1,877.8 MW operational), and hybrid power (2,259.6 MW operational) projects across 12 Indian states. Key flagship installations include the 30 GW Khavda Renewable Energy Park in Gujarat (world's largest single-location renewable complex), the 2,140 MW Jaisalmer wind-solar hybrid cluster (world's largest hybrid cluster), and the 648 MW Kamuthi solar park. The company's operations are supported by its Energy Network Operations Centre (ENOC) for real-time monitoring. AGEL targets 50 GW of renewable energy capacity by 2030.
Differentiator
Problem solved
Functional benefit
Products and services
- Solar Power Generation
Quantifiable outcome
- 99.7% less operational emission intensity per unit of generation (0.0018 tCO2/MWh) compared to Indian grid average of 0.71 tCO2/MWh)
- +4 more outcomes
Companies that use Adani Green Energy
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles3 records
Adani Green Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Adani Green Energy partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- TotalEnergiesflagship50:50 joint venture formed with TotalEnergies for solar power business operations. TotalEnergies acquired 50% stake in AGEL's operational solar business including 2,148 MW portfolio. The JV includes 930 MW Restricted Group 1, 570 MW Restricted Group 2, and 648 MW Kamuthi Solar project. TotalEnergies invested approximately $510 million initially with additional $300 million raised subsequently.
Scale indicators13 records
Recent moves9 records
Expansion highlights5 records
Adani Green Energy competitors and assessment
Company assessmentDirect peers
- ReNew Energy Global: ReNew is one of India's largest renewable IPPs with ~10+ GW of wind/solar capacity and a Nasdaq-listed SPAC vehicle. It directly competes with AGEL for utility-scale solar/wind tenders and corporate PPAs in India, and has overlapping hybrid and storage ambitions.
- Greenko Group: Greenko is a leading Indian renewable IPP with significant wind, solar, and large-scale pumped hydro storage assets. It is highly comparable to AGEL in utility-scale generation, storage integration, and PPAs with state utilities (now owned by GIC/ADIA/BlackRock consortium).
- Tata Power Renewables: Tata Power's renewable arm operates utility-scale solar, wind, and hybrid projects across India, including rooftop and distributed generation. It competes head-to-head with AGEL in central and state renewable tenders and benefits from the strong Tata brand for ESG/governance-sensitive deals.
- JSW Energy (Renewables): JSW Energy is rapidly scaling its renewable portfolio (solar, wind, hydro, storage) toward 20+ GW by 2030. It competes with AGEL for Indian renewable tenders, BESS integration, and round-the-clock clean power contracts.
- NTPC Green Energy: NTPC Green Energy is the renewable arm of India's largest power generator (NTPC), pursuing utility-scale solar, wind, and green hydrogen projects. It is a key competitor in central PSUs-driven renewable tenders and competes directly for SECI PPAs that AGEL also targets.
- Azure Power Global: Azure Power develops and operates utility-scale solar projects in India. Although smaller than AGEL, it is a direct competitor for Indian solar tenders and was acquired by CPP Investments/OMERS — making it a relevant comparable on utility-scale solar IPP economics.
Others
- Adani Power: Adani Power is a sister company within the Adani Group focused on thermal (coal) power generation. While not a renewable peer, it shares the Adani Group conglomerate structure and provides relevant context on Group capital allocation between thermal and renewable expansion.
- Suzlon Energy: Suzlon is India's largest wind turbine manufacturer and also operates wind IPP projects. It supplies wind equipment to AGEL and other Indian developers, making it an ecosystem/adjacent peer rather than a direct head-to-head IPP competitor.
Broad incumbents
- Engie (India renewables): Engie operates global renewable energy assets including solar and wind in India. As a large global utility with deep renewable expertise and capital, it competes for premium Indian renewable PPAs and corporate offtake deals alongside AGEL.
- Brookfield Renewable Partners: Brookfield Renewable is one of the world's largest publicly-traded renewable power platforms with global utility-scale solar, wind, hydro, and storage. Its Indian portfolio and partnership-style growth approach makes it a relevant incumbent comparable for AGEL's scale ambitions.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Adani Green Energy social profiles
Digital presenceAdani Green Energy compliance and trust
Trust signalCompliance16 records
Adani Green Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Adani Green Energy leadership team
Management profileNumber of profiles
Profiles14 records
Adani Green Energy subsidiaries and ownership
Company hierarchySubsidiaries6 records
Adani Green Energy funding detail
Funding detailFunding overview
Funding rounds15 records
Investors26 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Adani Green Energy M&A and investment
M&A and investmentM&A2 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Adani Green Energy
What does Adani Green Energy do?
Adani Green Energy develops, builds, owns, operates, and maintains utility-scale grid-connected solar, wind, and hybrid (solar-wind) power generation projects across India, with 19.3 GW of operational capacity across 12 states. The company sells electricity to central and state government utilities and corporations through long-term 25-year Power Purchase Agreements (PPAs), and also operates a 3.37 GWh utility-scale Battery Energy Storage System (BESS) at Khavda, Gujarat to provide dispatchable clean power.
Is Adani Green Energy a public or private company?
Adani Green Energy is a public company. It is classified as public and is currently operating.
When was Adani Green Energy founded?
Adani Green Energy was founded in 2015. It employs 1,001 to 5,000 people.
Where is Adani Green Energy based?
Adani Green Energy is headquartered in Ahmedabad, India, in the Asia region.
How does Adani Green Energy make money?
Two revenue lines are on record. Power Supply (PPA-based) is the primary driver. The others are merchant Power Sales.
Who are Adani Green Energy's main competitors?
Direct peers on record are ReNew Energy Global, Greenko Group, Tata Power Renewables, JSW Energy (Renewables), NTPC Green Energy and Azure Power Global. Others are Adani Power and Suzlon Energy. Broad incumbents are Engie (India renewables) and Brookfield Renewable Partners.
Does Adani Green Energy have an API?
No public API is recorded for Adani Green Energy.
What industry is Adani Green Energy in?
Adani Green Energy's product category is Renewable Energy Generation. Its primary akta.pro industry code is EUAEAMAA, Utility-Scale Power Generation Asset Management, with a secondary code of IMAFADAD, Renewable Energy Industrial Facilities Construction (Solar, Wind, Storage). Its NAICS code is 221114 and its SIC code is 4911.