Adani Green Energy

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.

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

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

• Utility-scale solar power
• Wind power generation
• Renewable energy projects
• Battery energy storage
• Hybrid power systems

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel

Revenue model

1. 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).
2. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core 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

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• TotalEnergiesflagshipStrategic or Co-development Partner · 21 September 202350:50 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

Direct 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

• YouTubeyoutube.com/channel/UCwLzxbM4N7hCKQS1kxH7kMg
• Facebookfacebook.com/AdaniGreen
• LinkedInlinkedin.com/company/adani-green-energy-ltd
• Instagraminstagram.com/adani.green
• Xx.com/AdaniGreen

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds15 records

Investors26 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&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