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Andhra Pradesh's demand for transmission fee waiver troubles Adani solar deal
Adds company comment in paragraphs 6-7, detail in paragraphs 9-10
Without waiver, cost could rise 40% to 3.49 rupees per unit
Adani has denied corruption allegations
Transmission fee is mandated by federal law
By Sarita Chaganti Singh and Sethuraman N R
NEW DELHI, Oct 1 (Reuters) - A deal by Adani Green Energy ADNA.NS to provide solar power that is already subject to a U.S. bribery investigation, faces a further challenge as its main buyer, the southern state of Andhra Pradesh, has asked for guarantees that transmission charges will be waived, three sources with knowledge of the matter said.
The transmission fee, which could increase the cost of the solar power by around 40%, is mandated by federal law, meaning waiving it would be problematic.
Since April, Adani, which is part of a conglomerate run by one of India's richest men, has sent many letters urging Andhra Pradesh to begin offtaking power under a 2021 deal, the three sources said.
The deal for 7,000 megawatts of solar power was signed between Andhra Pradesh, Adani Green and the Solar Energy Corporation of India, a government intermediary that is meant to ensure parties abide by their contractual obligations.
ADANI GREEN ENERGY SAYS IT ROUTINELY ENGAGES IN COMMUNICATION
In its latest letter, Adani said it was ready so far to supply 4,312 megawatts of solar power to the state, the sources added. They asked not to be named because they were not authorised to speak on the matter publicly.
A spokesperson for Adani Green Energy said the company's entities "routinely engage in communication as part of regular contractual provisions".
The company remains committed to commencing power supply as soon as the necessary infrastructure is made available, the spokesperson said in a statement to Reuters.
WAIVER DEMAND COULD BE A DEAL BREAKER?
Andhra Pradesh, which is ruled by a close ally of Prime Minister Narendra Modi, in its first response on September 2 told the Solar Energy Corporation of India that it would not begin offtaking until the intermediary guaranteed an unconditional waiver on inter-state transmission over the 25-year long contract, the three sources said.
They said Andhra Pradesh said in its letter the waiver was an incentive for awarding the contract in 2021 and was available to the project at the time.
The waiver was revoked two years later due to regulatory changes.
Without the waiver, the cost of solar power to the Indian state will rise to nearly 3.49 rupees per unit from 2.49 rupees, the sources said.
One of them said the deal was in question because the government's solar corporation was not empowered to guarantee or grant a transmission waiver.
The solar corporation and the state chief minister's office did not reply to emailed requests for comments on the letters whose details have not previously been reported.
US BRIBERY ALLEGATIONS
U.S. authorities in November last year accused Indian billionaire Gautam Adani, together with his nephew and other executives, of involvement in a $265 million bribery scheme to secure Indian power supply contracts in Andhra Pradesh. The Adani Group denies the allegations.
Adani also denied any wrongdoing in June, telling shareholders no individual from the group has been charged under the U.S. Foreign Corrupt Practices Act.
The allegations caused political outcry in the country as the opposition accused the Modi government of shielding Adani and his conglomerate, which spans ports, airports, coal mines and media.
India's opposition parties have called for an investigation into the Adani Group following the U.S. bribery allegations, but Indian regulators have yet to intervene.
In December, Reuters reported that the solar deal was approved by Andhra Pradesh against officials' advice.
($1 = 88.8000 Indian rupees)
(Reporting by Sarita Chaganti Singh; Sethuraman N R; editing by Barbara Lewis)
(([email protected];))
Adds company comment in paragraphs 6-7, detail in paragraphs 9-10
Without waiver, cost could rise 40% to 3.49 rupees per unit
Adani has denied corruption allegations
Transmission fee is mandated by federal law
By Sarita Chaganti Singh and Sethuraman N R
NEW DELHI, Oct 1 (Reuters) - A deal by Adani Green Energy ADNA.NS to provide solar power that is already subject to a U.S. bribery investigation, faces a further challenge as its main buyer, the southern state of Andhra Pradesh, has asked for guarantees that transmission charges will be waived, three sources with knowledge of the matter said.
The transmission fee, which could increase the cost of the solar power by around 40%, is mandated by federal law, meaning waiving it would be problematic.
Since April, Adani, which is part of a conglomerate run by one of India's richest men, has sent many letters urging Andhra Pradesh to begin offtaking power under a 2021 deal, the three sources said.
The deal for 7,000 megawatts of solar power was signed between Andhra Pradesh, Adani Green and the Solar Energy Corporation of India, a government intermediary that is meant to ensure parties abide by their contractual obligations.
ADANI GREEN ENERGY SAYS IT ROUTINELY ENGAGES IN COMMUNICATION
In its latest letter, Adani said it was ready so far to supply 4,312 megawatts of solar power to the state, the sources added. They asked not to be named because they were not authorised to speak on the matter publicly.
A spokesperson for Adani Green Energy said the company's entities "routinely engage in communication as part of regular contractual provisions".
The company remains committed to commencing power supply as soon as the necessary infrastructure is made available, the spokesperson said in a statement to Reuters.
WAIVER DEMAND COULD BE A DEAL BREAKER?
Andhra Pradesh, which is ruled by a close ally of Prime Minister Narendra Modi, in its first response on September 2 told the Solar Energy Corporation of India that it would not begin offtaking until the intermediary guaranteed an unconditional waiver on inter-state transmission over the 25-year long contract, the three sources said.
They said Andhra Pradesh said in its letter the waiver was an incentive for awarding the contract in 2021 and was available to the project at the time.
The waiver was revoked two years later due to regulatory changes.
Without the waiver, the cost of solar power to the Indian state will rise to nearly 3.49 rupees per unit from 2.49 rupees, the sources said.
One of them said the deal was in question because the government's solar corporation was not empowered to guarantee or grant a transmission waiver.
The solar corporation and the state chief minister's office did not reply to emailed requests for comments on the letters whose details have not previously been reported.
US BRIBERY ALLEGATIONS
U.S. authorities in November last year accused Indian billionaire Gautam Adani, together with his nephew and other executives, of involvement in a $265 million bribery scheme to secure Indian power supply contracts in Andhra Pradesh. The Adani Group denies the allegations.
Adani also denied any wrongdoing in June, telling shareholders no individual from the group has been charged under the U.S. Foreign Corrupt Practices Act.
The allegations caused political outcry in the country as the opposition accused the Modi government of shielding Adani and his conglomerate, which spans ports, airports, coal mines and media.
India's opposition parties have called for an investigation into the Adani Group following the U.S. bribery allegations, but Indian regulators have yet to intervene.
In December, Reuters reported that the solar deal was approved by Andhra Pradesh against officials' advice.
($1 = 88.8000 Indian rupees)
(Reporting by Sarita Chaganti Singh; Sethuraman N R; editing by Barbara Lewis)
(([email protected];))
Adani Group stocks climb after SEBI dismisses Hindenburg allegations
Sept 19 (Reuters) - Adani Group stocks gained between 1% and 9.6% on Friday, a day after India's markets regulator dismissed short-seller Hindenburg Research's allegations of stock manipulation against billionaire Gautam Adani and his group.
Adani Power ADAN.NS led gains among the nine entities with its 9.6% climb. Adani Enterprises ADEL.NS, the flagship firm, rose 4.4%.
(Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair)
(([email protected]; +91 8697274436;))
Sept 19 (Reuters) - Adani Group stocks gained between 1% and 9.6% on Friday, a day after India's markets regulator dismissed short-seller Hindenburg Research's allegations of stock manipulation against billionaire Gautam Adani and his group.
Adani Power ADAN.NS led gains among the nine entities with its 9.6% climb. Adani Enterprises ADEL.NS, the flagship firm, rose 4.4%.
(Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair)
(([email protected]; +91 8697274436;))
Adani Says SEBI Has Reaffirmed What We Have Always Maintained, That The Hindenburg Claims Were Baseless - Post On X
Sept 18 (Reuters) -
ADANI: SEBI HAS REAFFIRMED WHAT WE HAVE ALWAYS MAINTAINED, THAT THE HINDENBURG CLAIMS WERE BASELESS - POST ON X
Source text: [https://tinyurl.com/bdde9hsn]
Further company coverage: ADEL.NS
(([email protected];))
Sept 18 (Reuters) -
ADANI: SEBI HAS REAFFIRMED WHAT WE HAVE ALWAYS MAINTAINED, THAT THE HINDENBURG CLAIMS WERE BASELESS - POST ON X
Source text: [https://tinyurl.com/bdde9hsn]
Further company coverage: ADEL.NS
(([email protected];))
India revokes grid access for 17 GW of clean energy projects, says source
ANDRITZ Secures Contract from Adani Green Energy for 1800 MW Gandikota Pumped Storage Project in India
International technology group ANDRITZ has secured a significant order from Adani Green Energy Limited (AGEL) to equip the Gandikota pumped storage plant in Andhra Pradesh, India. This 1800 MW project is a pivotal component in India's strategy to bolster its renewable energy infrastructure and ensure grid stability. The contract involves the supply of reversible pump turbines, motor-generators, and associated electromechanical equipment. This is the third major contract awarded to ANDRITZ by AGEL, following previous projects at Chitravathi and Tarali. The order, valued in the low three-digit million-euro range, strengthens ANDRITZ's foothold in the Indian hydropower market and is recorded in the company's order intake for the second quarter of 2025.
International technology group ANDRITZ has secured a significant order from Adani Green Energy Limited (AGEL) to equip the Gandikota pumped storage plant in Andhra Pradesh, India. This 1800 MW project is a pivotal component in India's strategy to bolster its renewable energy infrastructure and ensure grid stability. The contract involves the supply of reversible pump turbines, motor-generators, and associated electromechanical equipment. This is the third major contract awarded to ANDRITZ by AGEL, following previous projects at Chitravathi and Tarali. The order, valued in the low three-digit million-euro range, strengthens ANDRITZ's foothold in the Indian hydropower market and is recorded in the company's order intake for the second quarter of 2025.
Adani Green Energy Says Unit Operationalised Incremental Solar Power Project Of 125 MW At Khavda
Sept 1 (Reuters) - Adani Green Energy Ltd ADNA.NS:
UNIT OPERATIONALISED INCREMENTAL SOLAR POWER PROJECT OF 125 MW AT KHAVDA
Source text: ID:nBSE1bdYVG
Further company coverage: ADNA.NS
(([email protected];;))
Sept 1 (Reuters) - Adani Green Energy Ltd ADNA.NS:
UNIT OPERATIONALISED INCREMENTAL SOLAR POWER PROJECT OF 125 MW AT KHAVDA
Source text: ID:nBSE1bdYVG
Further company coverage: ADNA.NS
(([email protected];;))
India curbs solar power output to keep grid stable amid low demand, ministry says
Curbs undermine project viability, investments, developers say
Top RE state Rajasthan facing 48% curbs in peak hours - NSEFI
Sun-drenched Tamil Nadu Q2 solar output 10% lower than forecast
Tendering, project awards slow in Q2, consultancy Mercom says
New plants operated ahead of schedule congesting power lines
By Sudarshan Varadhan and Sethuraman N R
SINGAPORE/NEW DELHI, Aug 19 (Reuters) - India is curbing solar output during periods of low demand to keep its power grid stable and to ease congestion in power lines as green energy supply rises, its Ministry of New and Renewable Energy (MNRE) told Reuters.
Congestion in power lines due to some new plants coming into operation ahead of schedule and delayed transmission projects have also forced power output curbs, also known as curtailment, the MNRE said in an emailed response to questions late on Monday.
The curtailments are the latest setback to India's renewable power developers, who are increasingly languishing without supply contracts as demand for power slows.
The National Solar Energy Federation of India (NSEFI) said in a July 24 letter to the ministry that solar power producers in Rajasthan, the top green power producing state, were facing prolonged and frequent curtailments, which had risen to 48% of output during peak generation hours.
The producers have lost more than $26 million in revenue since April due to the curbs, NSEFI said in the letter reviewed by Reuters.
NSEFI, whose members include the green energy arms of Indian conglomerates Adani ADNA.NS and Tata TTPW.NS, Amazon Web Services AMZN.O, Dutch investment firm SHV and Malaysia's Gentari, said curtailments undermined project viability and future investments.
"Projects in the state had been deferred by 18-20 months to accommodate for the delays in the transmission system, but are still unable to be commissioned due to even further delays," NSEFI said.
NSEFI has asked the government to accelerate transmission and battery storage projects, some of which face up to two years of delay. The federal power ministry has said it is fast-tracking interstate transmission lines to support renewable energy.
BEYOND RAJASTHAN
While Rajasthan is the worst affected by curtailments, other major green energy producers such as the southern Tamil Nadu state, and Gujarat and Maharashtra in the west are also curbing output, according to four industry officials and analysts.
Data compiled by Tamil Nadu's Renewable Energy Producers Association showed solar output was 10% lower than forecast in the quarter ended June.
J Radhakrishnan, a spokesman for the Tamil Nadu energy department said solar was being curbed as a "last resort" measure, and that coal power was also being curtailed amid low demand.
India's renewable energy generation, mainly solar, rose at a record pace in the six months ended June as previously awarded projects came online, while overall power generation growth was largely flat compared with an increase of nearly 6% in 2024.
However, solar projects awarded in the three months ended June fell 75% annually and tenders for new projects declined 65%, according to clean energy consultancy Mercom.
The decline reflects a "temporary recalibration rather than a slowdown," MNRE said, adding that bids were being issued in line with national targets and demand.
Government data shows the usage rate of solar capacity fell to 21.4% in May and 19.5% in June. The MNRE said some of it was due to lower irradiance, adding it expected capacity utilisation of 21%–25% range from February to June in the future.
India solar capacity utilisation rate falls in May, June 2025 https://reut.rs/4oIT49U
(Reporting by Sudarshan Varadhan in Singapore and Sethuraman N R in New Delhi; Editing by Florence Tan and Kate Mayberry)
(([email protected]; +65 91164984;))
Curbs undermine project viability, investments, developers say
Top RE state Rajasthan facing 48% curbs in peak hours - NSEFI
Sun-drenched Tamil Nadu Q2 solar output 10% lower than forecast
Tendering, project awards slow in Q2, consultancy Mercom says
New plants operated ahead of schedule congesting power lines
By Sudarshan Varadhan and Sethuraman N R
SINGAPORE/NEW DELHI, Aug 19 (Reuters) - India is curbing solar output during periods of low demand to keep its power grid stable and to ease congestion in power lines as green energy supply rises, its Ministry of New and Renewable Energy (MNRE) told Reuters.
Congestion in power lines due to some new plants coming into operation ahead of schedule and delayed transmission projects have also forced power output curbs, also known as curtailment, the MNRE said in an emailed response to questions late on Monday.
The curtailments are the latest setback to India's renewable power developers, who are increasingly languishing without supply contracts as demand for power slows.
The National Solar Energy Federation of India (NSEFI) said in a July 24 letter to the ministry that solar power producers in Rajasthan, the top green power producing state, were facing prolonged and frequent curtailments, which had risen to 48% of output during peak generation hours.
The producers have lost more than $26 million in revenue since April due to the curbs, NSEFI said in the letter reviewed by Reuters.
NSEFI, whose members include the green energy arms of Indian conglomerates Adani ADNA.NS and Tata TTPW.NS, Amazon Web Services AMZN.O, Dutch investment firm SHV and Malaysia's Gentari, said curtailments undermined project viability and future investments.
"Projects in the state had been deferred by 18-20 months to accommodate for the delays in the transmission system, but are still unable to be commissioned due to even further delays," NSEFI said.
NSEFI has asked the government to accelerate transmission and battery storage projects, some of which face up to two years of delay. The federal power ministry has said it is fast-tracking interstate transmission lines to support renewable energy.
BEYOND RAJASTHAN
While Rajasthan is the worst affected by curtailments, other major green energy producers such as the southern Tamil Nadu state, and Gujarat and Maharashtra in the west are also curbing output, according to four industry officials and analysts.
Data compiled by Tamil Nadu's Renewable Energy Producers Association showed solar output was 10% lower than forecast in the quarter ended June.
J Radhakrishnan, a spokesman for the Tamil Nadu energy department said solar was being curbed as a "last resort" measure, and that coal power was also being curtailed amid low demand.
India's renewable energy generation, mainly solar, rose at a record pace in the six months ended June as previously awarded projects came online, while overall power generation growth was largely flat compared with an increase of nearly 6% in 2024.
However, solar projects awarded in the three months ended June fell 75% annually and tenders for new projects declined 65%, according to clean energy consultancy Mercom.
The decline reflects a "temporary recalibration rather than a slowdown," MNRE said, adding that bids were being issued in line with national targets and demand.
Government data shows the usage rate of solar capacity fell to 21.4% in May and 19.5% in June. The MNRE said some of it was due to lower irradiance, adding it expected capacity utilisation of 21%–25% range from February to June in the future.
India solar capacity utilisation rate falls in May, June 2025 https://reut.rs/4oIT49U
(Reporting by Sudarshan Varadhan in Singapore and Sethuraman N R in New Delhi; Editing by Florence Tan and Kate Mayberry)
(([email protected]; +65 91164984;))
S&P Global Ratings Revises Outlook On Three Adani Group Firms
Aug 4 (Reuters) - S&P Global Ratings:
REVISES OUTLOOK ON ADANI ELECTRICITY MUMBAI, ADANI PORTS, ADANI GREEN ENERGY RESTRICTED GROUP 2
ADANI ELECTRICITY MUMBAI OUTLOOK UPGRADED TO 'STABLE'
ADANI PORTS OUTLOOK UPGRADED TO 'POSITIVE'
ADANI GREEN ENERGY RESTRICTED GROUP 2 OUTLOOK UPGRADED TO 'STABLE'
Further company coverage: ADNA.NSAPSE.NS
(([email protected];))
Aug 4 (Reuters) - S&P Global Ratings:
REVISES OUTLOOK ON ADANI ELECTRICITY MUMBAI, ADANI PORTS, ADANI GREEN ENERGY RESTRICTED GROUP 2
ADANI ELECTRICITY MUMBAI OUTLOOK UPGRADED TO 'STABLE'
ADANI PORTS OUTLOOK UPGRADED TO 'POSITIVE'
ADANI GREEN ENERGY RESTRICTED GROUP 2 OUTLOOK UPGRADED TO 'STABLE'
Further company coverage: ADNA.NSAPSE.NS
(([email protected];))
India's renewable projects without supply deals double in nine months, documents show
Projects stranded equal over 25% of current green capacity
Transmission, legal, and regulatory delays cause bottlenecks
Government says stranded capacity at 44 GW
Updates Aug 1 story with details on power ministry data on stranded capacity, in paragraphs 9-10
By Sudarshan Varadhan
SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.
The South Asian nation aims to more than double its non-fossil fuel power capacity to 500 gigawatts by 2030, but the acceleration has left projects without firm agreements to supply power.
Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts, India's Sustainable Projects Developers Association said in a letter to the Ministry of New and Renewable Energy on June 27.
That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.
Tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.
"Energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in its June 27 letter to the renewable energy ministry.
The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about a quarter the size of India's current installed renewable capacity of 184.6 GW.
The companies did not respond to Reuters requests seeking comment.
A spokesperson for India's power ministry told Reuters on Saturday renewable projects of about 44 GW had been awarded generation licences by federal agencies - which account for most tenders - but did not have supply agreements.
He did not elaborate on the scale of the increase in stranded projects, the duration of delay or companies affected.
Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, the SPDA said in the June letter.
Interstate transmission lines connecting renewable energy projects to the grid are being fast-tracked, and compensation for landowners allowing power cables on their property has been increased to facilitate construction, the ministry spokesperson said.
India plans to connect 230 GW of renewable energy projects to the grid through interstate transmission lines, of which 20% have been completed, 70% are under construction and the remainder is being bid out, he said, without specifying a timeline for completion.
Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, SPDA said, adding that several developers have paused operations over unresolved court cases.
(Reporting by Sudarshan Varadhan; Editing by Frances Kerry, Louise Heavens and Alison Williams)
(([email protected]; +65 91164984;))
Projects stranded equal over 25% of current green capacity
Transmission, legal, and regulatory delays cause bottlenecks
Government says stranded capacity at 44 GW
Updates Aug 1 story with details on power ministry data on stranded capacity, in paragraphs 9-10
By Sudarshan Varadhan
SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.
The South Asian nation aims to more than double its non-fossil fuel power capacity to 500 gigawatts by 2030, but the acceleration has left projects without firm agreements to supply power.
Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts, India's Sustainable Projects Developers Association said in a letter to the Ministry of New and Renewable Energy on June 27.
That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.
Tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.
"Energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in its June 27 letter to the renewable energy ministry.
The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about a quarter the size of India's current installed renewable capacity of 184.6 GW.
The companies did not respond to Reuters requests seeking comment.
A spokesperson for India's power ministry told Reuters on Saturday renewable projects of about 44 GW had been awarded generation licences by federal agencies - which account for most tenders - but did not have supply agreements.
He did not elaborate on the scale of the increase in stranded projects, the duration of delay or companies affected.
Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, the SPDA said in the June letter.
Interstate transmission lines connecting renewable energy projects to the grid are being fast-tracked, and compensation for landowners allowing power cables on their property has been increased to facilitate construction, the ministry spokesperson said.
India plans to connect 230 GW of renewable energy projects to the grid through interstate transmission lines, of which 20% have been completed, 70% are under construction and the remainder is being bid out, he said, without specifying a timeline for completion.
Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, SPDA said, adding that several developers have paused operations over unresolved court cases.
(Reporting by Sudarshan Varadhan; Editing by Frances Kerry, Louise Heavens and Alison Williams)
(([email protected]; +65 91164984;))
India's stranded renewable projects double to over 50 GW, industry documents show
By Sudarshan Varadhan
SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.
Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts (GW), India's Sustainable Projects Developers Association (SPDA) said in a letter to the Ministry of New and Renewable Energy on June 27.
That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.
The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about quarter the size of India's current installed renewable capacity of 184.6 GW.
"India's energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in the June 27 letter to the renewable energy ministry.
The ministry did not immediately respond to a request seeking comment.
India has been ramping up renewables as it pushes to more than double its non-fossil fuel power capacity to 500 GW by 2030. A record 22 GW of solar and wind capacity came online in the six months ended June, government data showed.
However, tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.
The companies did not respond to Reuters requests seeking comment.
The SPDA includes leaders of some of India's largest renewable energy producers Renew Power, ACME Group and Avaada Group as members of its core committee.
Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, risking financial penalties and potential loss of government incentives, the SPDA said in the June letter.
The SPDA urged the government in the same letter to recognise delays in approvals and transmission construction as force majeure events to help protect developers from financial penalties, and to expedite regulatory permissions.
Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, it said, adding that several developers have paused operations over unresolved court cases.
(Reporting by Sudarshan Varadhan
Editing by Frances Kerry)
(([email protected]; +65 91164984;))
By Sudarshan Varadhan
SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.
Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts (GW), India's Sustainable Projects Developers Association (SPDA) said in a letter to the Ministry of New and Renewable Energy on June 27.
That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.
The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about quarter the size of India's current installed renewable capacity of 184.6 GW.
"India's energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in the June 27 letter to the renewable energy ministry.
The ministry did not immediately respond to a request seeking comment.
India has been ramping up renewables as it pushes to more than double its non-fossil fuel power capacity to 500 GW by 2030. A record 22 GW of solar and wind capacity came online in the six months ended June, government data showed.
However, tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.
The companies did not respond to Reuters requests seeking comment.
The SPDA includes leaders of some of India's largest renewable energy producers Renew Power, ACME Group and Avaada Group as members of its core committee.
Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, risking financial penalties and potential loss of government incentives, the SPDA said in the June letter.
The SPDA urged the government in the same letter to recognise delays in approvals and transmission construction as force majeure events to help protect developers from financial penalties, and to expedite regulatory permissions.
Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, it said, adding that several developers have paused operations over unresolved court cases.
(Reporting by Sudarshan Varadhan
Editing by Frances Kerry)
(([email protected]; +65 91164984;))
India's Adani Green Energy gains on Q1 profit rise
** Shares of Adani Green Energy ADNA.NS jump 3.6% to 1,011 rupees
** Stock marks biggest intraday pct gain since May 16
** ADNA is top gainer on the Nifty Next 50 index .NN50, which is down 0.4%
** Renewable energy firm posts a 60% Y/Y rise in June-qtr profit; rev from ops rises 29% Y/Y
** More than 3.3 mln shares change hands, 1.6x of 30-day avg
** ADNA rated "buy" on average by 6 analysts; median target price is 1,250 rupees – data compiled by LSEG
** Stock down 3% YTD vs Nifty Next 50's 1.6% YTD decline
(Reporting by Rudra Pratap Singh in Bengaluru)
** Shares of Adani Green Energy ADNA.NS jump 3.6% to 1,011 rupees
** Stock marks biggest intraday pct gain since May 16
** ADNA is top gainer on the Nifty Next 50 index .NN50, which is down 0.4%
** Renewable energy firm posts a 60% Y/Y rise in June-qtr profit; rev from ops rises 29% Y/Y
** More than 3.3 mln shares change hands, 1.6x of 30-day avg
** ADNA rated "buy" on average by 6 analysts; median target price is 1,250 rupees – data compiled by LSEG
** Stock down 3% YTD vs Nifty Next 50's 1.6% YTD decline
(Reporting by Rudra Pratap Singh in Bengaluru)
BREAKINGVIEWS-India's green energy buyout portends dark clouds
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add topic code.
By Shritama Bose
MUMBAI, July 8 (Reuters Breakingviews) - Dark clouds are gathering over India's renewable energy boom. A global consortium last week raised its offer to take ReNew Energy RNW.O, the country's second-largest green power producer, private from New York. But the implied $10 billion valuation is a discount to peers trading in Mumbai. Even with the prospect of a relisting back home, the buyers can drive a hard bargain.
The latest offer of $8 per share is a measly 13% increase from a December proposal and values the target's enterprise at just under 7 times its forecast next-fiscal year EBITDA, per LSEG. That's well below the 19 times at larger rival Adani Green ADNA.NS, which trades in Mumbai.
That will be a disappointment for minority shareholders, who own 36% of the company. Worse, the buyer group, including ReNew founder and CEO Sumant Sinha and the Canada Pension Plan Investment Board, insists this is a final offer and that it will give investors "immediate liquidity and value certainty not available in public markets".
They may have a point. ReNew listed in 2021 on Nasdaq via a special purpose acquisition company, and its shares have been underwater since, prompting Sinha to complain that public markets value renewable energy businesses poorly. Moreover, no other bidders have emerged, strengthening the consortium's hand.
And it will not be lost on investors that the target's peers, though richly valued, are losing their shine. Once stock market darlings, Adani Green Energy, state-backed NTPC Green NTPG.NS and others have all underperformed the broader Indian market this year; as recently as February, Adani Green's enterprise traded on over 40 times forward EBITDA. That might dim prospects of a quick relisting at home for ReNew.
Increasing concerns of overcapacity in India's booming green power sector are probably to blame. The government issued a record 73 gigawatts of utility-scale renewable energy tenders last year, but undersubscriptions, cancellations, delays plus a backlog of unsigned power purchasing agreements are all also rising, according to the Institute for Energy Economics and Financial Analysis. In May, spot power prices in the country dropped to zero for the first time, due to a glut of solar generation.
Against this moody backdrop, ReNew's long-suffering shareholders may be ready for an exit.
Follow Shritama Bose on Linkedin and X.
CONTEXT NEWS
A consortium of shareholders in Nasdaq-listed green power producer ReNew Energy Global on July 2 made a final non-binding offer to take the company private. The group raised its offer to $8 per share from the $7.07 it had proposed in December.
The new offer represents a 17.5% premium to the last traded price and values the company's equity at nearly $3 billion, according to Breakingviews calculations.
Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and ReNew Chair Sumant Sinha, who control a combined 64% of shareholder votes in the company, are members of the consortium. United Arab Emirates-based Masdar joined the group as a new investor.
The revised proposal will give shareholders "immediate liquidity and value certainty not available in public markets", the consortium said in a letter to ReNew's board.
India's green energy producers have underperformed this year https://www.reuters.com/graphics/BRV-BRV/jnpwbyzmzvw/chart.png
(Editing by Robyn Mak; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add topic code.
By Shritama Bose
MUMBAI, July 8 (Reuters Breakingviews) - Dark clouds are gathering over India's renewable energy boom. A global consortium last week raised its offer to take ReNew Energy RNW.O, the country's second-largest green power producer, private from New York. But the implied $10 billion valuation is a discount to peers trading in Mumbai. Even with the prospect of a relisting back home, the buyers can drive a hard bargain.
The latest offer of $8 per share is a measly 13% increase from a December proposal and values the target's enterprise at just under 7 times its forecast next-fiscal year EBITDA, per LSEG. That's well below the 19 times at larger rival Adani Green ADNA.NS, which trades in Mumbai.
That will be a disappointment for minority shareholders, who own 36% of the company. Worse, the buyer group, including ReNew founder and CEO Sumant Sinha and the Canada Pension Plan Investment Board, insists this is a final offer and that it will give investors "immediate liquidity and value certainty not available in public markets".
They may have a point. ReNew listed in 2021 on Nasdaq via a special purpose acquisition company, and its shares have been underwater since, prompting Sinha to complain that public markets value renewable energy businesses poorly. Moreover, no other bidders have emerged, strengthening the consortium's hand.
And it will not be lost on investors that the target's peers, though richly valued, are losing their shine. Once stock market darlings, Adani Green Energy, state-backed NTPC Green NTPG.NS and others have all underperformed the broader Indian market this year; as recently as February, Adani Green's enterprise traded on over 40 times forward EBITDA. That might dim prospects of a quick relisting at home for ReNew.
Increasing concerns of overcapacity in India's booming green power sector are probably to blame. The government issued a record 73 gigawatts of utility-scale renewable energy tenders last year, but undersubscriptions, cancellations, delays plus a backlog of unsigned power purchasing agreements are all also rising, according to the Institute for Energy Economics and Financial Analysis. In May, spot power prices in the country dropped to zero for the first time, due to a glut of solar generation.
Against this moody backdrop, ReNew's long-suffering shareholders may be ready for an exit.
Follow Shritama Bose on Linkedin and X.
CONTEXT NEWS
A consortium of shareholders in Nasdaq-listed green power producer ReNew Energy Global on July 2 made a final non-binding offer to take the company private. The group raised its offer to $8 per share from the $7.07 it had proposed in December.
The new offer represents a 17.5% premium to the last traded price and values the company's equity at nearly $3 billion, according to Breakingviews calculations.
Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and ReNew Chair Sumant Sinha, who control a combined 64% of shareholder votes in the company, are members of the consortium. United Arab Emirates-based Masdar joined the group as a new investor.
The revised proposal will give shareholders "immediate liquidity and value certainty not available in public markets", the consortium said in a letter to ReNew's board.
India's green energy producers have underperformed this year https://www.reuters.com/graphics/BRV-BRV/jnpwbyzmzvw/chart.png
(Editing by Robyn Mak; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Adani Green Energy Says Operationalization Of Projects
June 30 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN ENERGY LTD - OPERATIONALIZATION OF PROJECTS
ADANI GREEN ENERGY LTD - OPERATIONALIZED AGGREGATE 1,011.5 MW POWER PROJECTS AT KHAVDA
ADANI GREEN ENERGY - TO OPERATIONALIZE PLANTS, COMMENCE POWER GENERATION FROM JULY 01
Source text: ID:nBSEbxzGRn
Further company coverage: ADNA.NS
(([email protected];))
June 30 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN ENERGY LTD - OPERATIONALIZATION OF PROJECTS
ADANI GREEN ENERGY LTD - OPERATIONALIZED AGGREGATE 1,011.5 MW POWER PROJECTS AT KHAVDA
ADANI GREEN ENERGY - TO OPERATIONALIZE PLANTS, COMMENCE POWER GENERATION FROM JULY 01
Source text: ID:nBSEbxzGRn
Further company coverage: ADNA.NS
(([email protected];))
Adani Group Chairman: See Annual Group Capex Spend of $15-$20 Bln Over Next 5 Yrs
June 24 (Reuters) - Adani Group Chairman Gautam Adani ADEL.NS:
ADANI GROUP CHAIRMAN: CAPITAL INVESTMENTS ACROSS BUSINESS IS SET AT $15-$20 BILLION OVER NEXT FIVE YEARS
ADANI GROUP CHAIRMAN GAUTAM ADANI: OUR COMPLIANCE FRAMEWORK IS NON NEGOTIABLE
ADANI GROUP CHAIRMAN: GROUP EXPECTS TO HAVE A 100 GW OF POWER GENERATIONAL CAPACITY BY 2030
ADANI GROUP CHAIRMAN: ON TRACK TO HAVE 10 GW INTEGRATED SOLAR MANUFACTURING FACILITY BY NEXT FY
ADANI GROUP CHAIRMAN GAUTAM ADANI: NO ONE FROM ADANI GROUP HAS BEEN CHARGED BY US INDICTIONS
GAUTAM ADANI ADDRESSING SHAREHOLDERS AT ADANI GROUP ANNUAL GENERAL MEETING
(([email protected];))
June 24 (Reuters) - Adani Group Chairman Gautam Adani ADEL.NS:
ADANI GROUP CHAIRMAN: CAPITAL INVESTMENTS ACROSS BUSINESS IS SET AT $15-$20 BILLION OVER NEXT FIVE YEARS
ADANI GROUP CHAIRMAN GAUTAM ADANI: OUR COMPLIANCE FRAMEWORK IS NON NEGOTIABLE
ADANI GROUP CHAIRMAN: GROUP EXPECTS TO HAVE A 100 GW OF POWER GENERATIONAL CAPACITY BY 2030
ADANI GROUP CHAIRMAN: ON TRACK TO HAVE 10 GW INTEGRATED SOLAR MANUFACTURING FACILITY BY NEXT FY
ADANI GROUP CHAIRMAN GAUTAM ADANI: NO ONE FROM ADANI GROUP HAS BEEN CHARGED BY US INDICTIONS
GAUTAM ADANI ADDRESSING SHAREHOLDERS AT ADANI GROUP ANNUAL GENERAL MEETING
(([email protected];))
Adani Green Energy Approves Allotment Of 2.1 Mln Shares To Ardour
June 20 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ARDOUR OPTED TO EXERCISE AND CONVERT 2.1 MILLION WARRANTS INTO SHARES
APPROVED ALLOTMENT OF 2.1 MILLION SHARES TO ARDOUR
WARRANT CONVERSION ON RECEIVING BALANCE SUBSCRIPTION AMOUNT OF 2.36 BILLION RUPEES
Source text: ID:nBSE8vtdzs
Further company coverage: ADNA.NS
(([email protected];;))
June 20 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ARDOUR OPTED TO EXERCISE AND CONVERT 2.1 MILLION WARRANTS INTO SHARES
APPROVED ALLOTMENT OF 2.1 MILLION SHARES TO ARDOUR
WARRANT CONVERSION ON RECEIVING BALANCE SUBSCRIPTION AMOUNT OF 2.36 BILLION RUPEES
Source text: ID:nBSE8vtdzs
Further company coverage: ADNA.NS
(([email protected];;))
ANDRITZ Secures Contract with Adani Green Energy for Tarali Pumped Storage Project in India
International technology group ANDRITZ has announced a new order from Adani Green Energy Limited (AGEL) for the Tarali pumped storage project in the Satara district of Maharashtra, India. As part of the contract, ANDRITZ will supply pump turbines, motor generators, and related electromechanical equipment for the new plant. This order highlights ANDRITZ's robust presence in the Indian hydropower market and its expertise in delivering solutions that support grid stability and the integration of renewable energy. The company, headquartered in Austria, is noted for its commitment to sustainable solutions and technological innovation across various industries. The financial details of the order have not been disclosed.
International technology group ANDRITZ has announced a new order from Adani Green Energy Limited (AGEL) for the Tarali pumped storage project in the Satara district of Maharashtra, India. As part of the contract, ANDRITZ will supply pump turbines, motor generators, and related electromechanical equipment for the new plant. This order highlights ANDRITZ's robust presence in the Indian hydropower market and its expertise in delivering solutions that support grid stability and the integration of renewable energy. The company, headquartered in Austria, is noted for its commitment to sustainable solutions and technological innovation across various industries. The financial details of the order have not been disclosed.
India's Adani Group stocks slip on report US probing alleged Iran sanctions evasion
June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.
An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."
Shares in the group's flagship firm Adani Enterprises ADEL.NS opened 2.2% lower, while Adani Ports APSE.NS fell 2.5%. Adani Total Gas ADAG.NS, Adani Power ADAN.NS, Adani Green ADNA.NS and Adani Energy Solutions ADAI.NS were down between 1% and 2%.
India's benchmark Nifty 50 index .NSEI was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.
The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.
Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment.
Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.
An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."
Shares in the group's flagship firm Adani Enterprises ADEL.NS opened 2.2% lower, while Adani Ports APSE.NS fell 2.5%. Adani Total Gas ADAG.NS, Adani Power ADAN.NS, Adani Green ADNA.NS and Adani Energy Solutions ADAI.NS were down between 1% and 2%.
India's benchmark Nifty 50 index .NSEI was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.
The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.
Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment.
Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Adani Green Energy Says Unit Operationalised Incremental Solar Power Project At Khavda
May 21 (Reuters) - Adani Green Energy Ltd ADNA.NS:
UNIT OPERATIONALISED INCREMENTAL SOLAR POWER PROJECT OF 187.5 MW AT KHAVDA
TO OPERATIONALIZE PLANT FROM MAY 22, 2025
Source text: ID:nBSE1kTnM
Further company coverage: ADNA.NS
(([email protected];;))
May 21 (Reuters) - Adani Green Energy Ltd ADNA.NS:
UNIT OPERATIONALISED INCREMENTAL SOLAR POWER PROJECT OF 187.5 MW AT KHAVDA
TO OPERATIONALIZE PLANT FROM MAY 22, 2025
Source text: ID:nBSE1kTnM
Further company coverage: ADNA.NS
(([email protected];;))
ReNew Energy to set up $2.57 billion solar, wind project in India
May 16 (Reuters) - ReNew Energy Global RNW.O, said on Friday it will invest 220 billion rupees ($2.57 billion) to set up a hybrid renewable energy project in the eastern Indian state of Andhra Pradesh, as it looks to cash in on the country's booming clean energy needs.
The company said the project will add 2.8 gigawatts (GW) total energy -- 1.8 GW solar and 1 GW wind -- and will be able to supply power for up to four hours a day in peak hours.
ReNew Energy, the biggest renewable energy firm in India after Adani Green ADNA.NS, has projects across ten Indian states, with a total global portfolio of 17.4 GW as of February 14.
India has been scrambling to meet its clean energy targets after falling short in 2022.
Over the past year, the country has ramped up investments in the sector, but it still needs to double capacity additions over the next five years to meet its target of 500 GW non-fossil power capacity by 2030, a Global Energy Monitor report showed.
($1 = 85.5870 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +918447554364;))
May 16 (Reuters) - ReNew Energy Global RNW.O, said on Friday it will invest 220 billion rupees ($2.57 billion) to set up a hybrid renewable energy project in the eastern Indian state of Andhra Pradesh, as it looks to cash in on the country's booming clean energy needs.
The company said the project will add 2.8 gigawatts (GW) total energy -- 1.8 GW solar and 1 GW wind -- and will be able to supply power for up to four hours a day in peak hours.
ReNew Energy, the biggest renewable energy firm in India after Adani Green ADNA.NS, has projects across ten Indian states, with a total global portfolio of 17.4 GW as of February 14.
India has been scrambling to meet its clean energy targets after falling short in 2022.
Over the past year, the country has ramped up investments in the sector, but it still needs to double capacity additions over the next five years to meet its target of 500 GW non-fossil power capacity by 2030, a Global Energy Monitor report showed.
($1 = 85.5870 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +918447554364;))
Adani aides meet Trump team to push for end to US bribery case, Bloomberg News reports
Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9
May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.
The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.
The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.
Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.
The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.
(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
(([email protected];))
Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9
May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.
The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.
The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.
Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.
The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.
(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
(([email protected];))
Indian regulator accuses Adani nephew in insider trading case, he seeks to settle
Regulator alleges Pranav Adani violated insider trading norms
Notice alleges Adani shared information of acquisition of Soft-Bank backed SB Energy
Adani has sought settlement of the allegations
By Jayshree P Upadhyay
MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.
Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's ADNA.NS 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.
The matter has not been previously reported.
In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law".
Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.
The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless".
Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.
Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added.
The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent."
"The information in question was already generally available in the public domain," the statement said.
SEBI did not respond to Reuters requests for comment.
Adani Green’s acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.
Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.
SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.
Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.
(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Regulator alleges Pranav Adani violated insider trading norms
Notice alleges Adani shared information of acquisition of Soft-Bank backed SB Energy
Adani has sought settlement of the allegations
By Jayshree P Upadhyay
MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.
Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's ADNA.NS 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.
The matter has not been previously reported.
In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law".
Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.
The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless".
Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.
Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added.
The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent."
"The information in question was already generally available in the public domain," the statement said.
SEBI did not respond to Reuters requests for comment.
Adani Green’s acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.
Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.
SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.
Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.
(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Adani Green Sees Capex Of About 310 Bln Rupees In FY26 - Conf Call
April 29 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN SEES CAPEX OF ABOUT 310 BLN RUPEES IN FY26 - CONF CALL
ADANI GREEN SEES 5 GW OF OPERATIONAL PROJECTS COMING ONLINE IN FY26 - CONF CALL
Source text: ID:nBSE4M2JVg
Further company coverage: ADNA.NS
(([email protected];))
April 29 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN SEES CAPEX OF ABOUT 310 BLN RUPEES IN FY26 - CONF CALL
ADANI GREEN SEES 5 GW OF OPERATIONAL PROJECTS COMING ONLINE IN FY26 - CONF CALL
Source text: ID:nBSE4M2JVg
Further company coverage: ADNA.NS
(([email protected];))
Adani Green Energy Says Unit Enters PPA With UPPCL For 1,250 MW Energy Storage Capacity
April 23 (Reuters) - Adani Green Energy Ltd ADNA.NS:
UNIT ENTERS PPA WITH UPPCL FOR 1,250 MW ENERGY STORAGE CAPACITY
Source text: ID:nNSE5Ty8FT
Further company coverage: ADNA.NS
(([email protected];;))
April 23 (Reuters) - Adani Green Energy Ltd ADNA.NS:
UNIT ENTERS PPA WITH UPPCL FOR 1,250 MW ENERGY STORAGE CAPACITY
Source text: ID:nNSE5Ty8FT
Further company coverage: ADNA.NS
(([email protected];;))
BREAKINGVIEWS-BlackRock debt deal is half a coup for Adani
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 17 (Reuters Breakingviews) - It is not quite business as usual for industrialist Gautam Adani. His conglomerate has just issued its first dollar bond since U.S. authorities indicted him on charges relating to a $265 million Indian solar power bribery scheme. The tycoon denies the allegations but the offering shows how the saga is impacting the $135 billion group.
It's a coup for Adani that the world's largest asset manager subscribed to roughly one-third of the $750 million offshore bond this month. The private placement will help its unit acquire infrastructure developer ITD Cementation ITCM.NS. On Tuesday, though, it emerged that other backers who signed up are yield-hungry types.
Private credit providers Farallon Capital Management, Hillhouse-backed Elham Capital, King Street Capital and UK-based Sona Asset Management also picked up slices, the Economic Times reported, citing unnamed sources. King Street and Sona also helped Adani's Australian coal port unit to refinance borrowings through a loan in February.
That makes it look like global banks have become harder to tap for new loans. Barclays and Deutsche Bank were among a legion who extended $5.25 billion to the group for its purchase of two of India's largest cement makers in 2022. Indian banks are not allowed to finance onshore M&A that limits the infrastructure giant from tapping funding at home where the central bank is cutting interest rates.
The coupon on Adani's bond is in the high single digits, two people familiar with the offering told Breakingviews. It's higher than the 7.45% rate at which Adani Green Energy ADNA.NS priced its aborted $600 million offshore bond in November. Prior to the U.S. charges, Adani disclosed its average financing cost at 8.18%.
All this suggests the Indian group is paying a price, albeit not a punishing one, for its U.S. problems. Shares of most of the group's 10 listed companies also have recovered from the indictment hit. Meanwhile, President Donald Trump's decision to pause enforcement of the Foreign Corrupt Practices Act has raised expectations that charges against Adani will ease. That hope might yet prove fleeting but for now, Adani is growing his business.
Follow @ShritamaBose on X
CONTEXT NEWS
BlackRock subscribed to roughly one-third of a $750 million bond issued by a unit of India's Adani Group, two people familiar with the matter told Reuters Breakingviews. The bond will help to fund the Indian conglomerate's acquisition of a construction firm. Farallon Capital Management, Elham Capital and King Street Capital invested in the offering too, the Economic Times reported on April 15, citing unnamed sources.
Most Adani stocks have recovered from the US indictment shock https://www.reuters.com/graphics/BRV-BRV/egvblbebavq/chart.png
(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 17 (Reuters Breakingviews) - It is not quite business as usual for industrialist Gautam Adani. His conglomerate has just issued its first dollar bond since U.S. authorities indicted him on charges relating to a $265 million Indian solar power bribery scheme. The tycoon denies the allegations but the offering shows how the saga is impacting the $135 billion group.
It's a coup for Adani that the world's largest asset manager subscribed to roughly one-third of the $750 million offshore bond this month. The private placement will help its unit acquire infrastructure developer ITD Cementation ITCM.NS. On Tuesday, though, it emerged that other backers who signed up are yield-hungry types.
Private credit providers Farallon Capital Management, Hillhouse-backed Elham Capital, King Street Capital and UK-based Sona Asset Management also picked up slices, the Economic Times reported, citing unnamed sources. King Street and Sona also helped Adani's Australian coal port unit to refinance borrowings through a loan in February.
That makes it look like global banks have become harder to tap for new loans. Barclays and Deutsche Bank were among a legion who extended $5.25 billion to the group for its purchase of two of India's largest cement makers in 2022. Indian banks are not allowed to finance onshore M&A that limits the infrastructure giant from tapping funding at home where the central bank is cutting interest rates.
The coupon on Adani's bond is in the high single digits, two people familiar with the offering told Breakingviews. It's higher than the 7.45% rate at which Adani Green Energy ADNA.NS priced its aborted $600 million offshore bond in November. Prior to the U.S. charges, Adani disclosed its average financing cost at 8.18%.
All this suggests the Indian group is paying a price, albeit not a punishing one, for its U.S. problems. Shares of most of the group's 10 listed companies also have recovered from the indictment hit. Meanwhile, President Donald Trump's decision to pause enforcement of the Foreign Corrupt Practices Act has raised expectations that charges against Adani will ease. That hope might yet prove fleeting but for now, Adani is growing his business.
Follow @ShritamaBose on X
CONTEXT NEWS
BlackRock subscribed to roughly one-third of a $750 million bond issued by a unit of India's Adani Group, two people familiar with the matter told Reuters Breakingviews. The bond will help to fund the Indian conglomerate's acquisition of a construction firm. Farallon Capital Management, Elham Capital and King Street Capital invested in the offering too, the Economic Times reported on April 15, citing unnamed sources.
Most Adani stocks have recovered from the US indictment shock https://www.reuters.com/graphics/BRV-BRV/egvblbebavq/chart.png
(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Adani Green Energy Says Subsidiary Commissioned Solar Power Project Of 212.50 MW At Khavda, Gujarat
March 28 (Reuters) - Adani Green Energy Ltd ADNA.NS:
SUBSIDIARY COMMISSIONED SOLAR POWER PROJECT OF 212.50 MW AT KHAVDA, GUJARAT
TOTAL OPERATIONAL RENEWABLE GENERATION CAPACITY INCREASED TO 13,700.3 MW
Source text: [ID:]
Further company coverage: ADNA.NS
(([email protected];;))
March 28 (Reuters) - Adani Green Energy Ltd ADNA.NS:
SUBSIDIARY COMMISSIONED SOLAR POWER PROJECT OF 212.50 MW AT KHAVDA, GUJARAT
TOTAL OPERATIONAL RENEWABLE GENERATION CAPACITY INCREASED TO 13,700.3 MW
Source text: [ID:]
Further company coverage: ADNA.NS
(([email protected];;))
Diamond Power Infrastructure Receives Letter Of Intent From Adani Green Energy
March 24 (Reuters) - Diamond Power Infrastructure Ltd DIAC.NS:
RECEIVED LETTER OF INTENT FROM ADANI GREEN ENERGY
ORDER WORTH 2.15 BILLION RUPEES
Source text: [ID:]
Further company coverage: DIAC.NS
(([email protected];;))
March 24 (Reuters) - Diamond Power Infrastructure Ltd DIAC.NS:
RECEIVED LETTER OF INTENT FROM ADANI GREEN ENERGY
ORDER WORTH 2.15 BILLION RUPEES
Source text: [ID:]
Further company coverage: DIAC.NS
(([email protected];;))
Adani Green Energy Commissions 250 MW Solar Project In Rajasthan
March 20 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN ENERGY LTD - COMMISSIONS 250 MW SOLAR PROJECT IN RAJASTHAN
Source text: ID:nBSE5Y4X6b
Further company coverage: ADNA.NS
(([email protected];;))
March 20 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN ENERGY LTD - COMMISSIONS 250 MW SOLAR PROJECT IN RAJASTHAN
Source text: ID:nBSE5Y4X6b
Further company coverage: ADNA.NS
(([email protected];;))
Adani Green Energy Unit Commissions Solar Power Project Of 250 MW At Kadapa, Andhra Pradesh
March 11 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN ENERGY LTD - UNIT COMMISSIONED SOLAR POWER PROJECT OF 250 MW AT KADAPA, ANDHRA PRADESH
Source text: [ID:]
Further company coverage: ADNA.NS
(([email protected];;))
March 11 (Reuters) - Adani Green Energy Ltd ADNA.NS:
ADANI GREEN ENERGY LTD - UNIT COMMISSIONED SOLAR POWER PROJECT OF 250 MW AT KADAPA, ANDHRA PRADESH
Source text: [ID:]
Further company coverage: ADNA.NS
(([email protected];;))
RENEWABLES INVESTORS WARN VIETNAM'S PLANS TO RETROACTIVELY REVISE SUBSIDISED PRICES FOR SOLAR, WIND ENERGY COULD HIT INVESTMENTS EXCEEDING $13 BLN - LETTER
Investors urge Vietnam to not retroactively change power prices
Projects struggle to pay debt, letter warns of wider bank risks
Vietnam wants to greatly expand renewable energy capacity
By Francesco Guarascio
HANOI, March 10 (Reuters) - More than two dozen foreign and Vietnamese investors, including Adani Green Energy ADNA.NS, have warned Vietnam's plans to retroactively change rules on subsidised prices for wind and solar energy could affect more than $13 billion of investments.
In a letter to Vietnamese leaders dated March 5 and reviewed by Reuters, the investors expressed "deep alarm" about the possible end of favourable energy tariffs, noting the policy change could undermine broader financial stability and erode confidence in Vietnam at a time when the country plans to significantly expand its renewables capacity.
Among the 28 signatories are private equity fund Dragon Capital, the Vietnamese subsidiary of Philippines' ACEN ACEN.PS energy group, and investors from Thailand, the Netherlands, Singapore and China.
In recent years, the Southeast Asian country experienced a boom in renewable energy investments driven by generous feed-in tariffs, under which the state committed to buying electricity for 20 years at above-market prices.
However, the high tariffs increased losses for Vietnam's state-owned power utility EVN, the only buyer of the generated electricity, and led to an increase in power prices for households and factories.
Authorities have repeatedly tried to reduce the high tariffs. Now they are considering a retroactive review of the criteria set for accessing the feed-in tariffs, according to the investors' letter, even after the projects are producing power.
"Such a move could result in equity write-offs of nearly 100% for the affected projects, jeopardizing approximately over US$13 billion in investment," the letter said.
The letter did not clarify if all of the funds had been spent yet, and it was not clear how and when Vietnam intended to review existing rules. Vietnam's industry ministry and EVN did not immediately respond to requests for comment.
RISKS FOR CREDITORS
Investors said in the letter that EVN was already delaying payments or only partially paying for the electricity generated by renewable projects "without clear justification".
As a result, "multiple projects (are) facing loan default to both local and international lenders," the letter said, warning that a permanent revision or end of agreed tariffs "risks undermining national banking stability and eroding confidence in Vietnam's regulatory framework."
This comes as Vietnam is planning to greatly expand its capacity for solar and wind energy generation under a revised draft power plan for this decade seen by Reuters.
Under the plan's base scenario, installed capacity from wind and solar farms would exceed 56 gigawatts by 2030, nearly one-third of the total planned installed capacity from all sources, including fossil fuels.
Of the projects that could be hit by the retroactive reform, those funded by foreign investors have a combined capacity of nearly 4 GW, almost exclusively in solar energy, with an aggregate value of $4 billion, according to the letter.
(Reporting by Francesco Guarascio; Additional reporting by Khanh Vu; Editing by Jamie Freed)
(([email protected];))
Investors urge Vietnam to not retroactively change power prices
Projects struggle to pay debt, letter warns of wider bank risks
Vietnam wants to greatly expand renewable energy capacity
By Francesco Guarascio
HANOI, March 10 (Reuters) - More than two dozen foreign and Vietnamese investors, including Adani Green Energy ADNA.NS, have warned Vietnam's plans to retroactively change rules on subsidised prices for wind and solar energy could affect more than $13 billion of investments.
In a letter to Vietnamese leaders dated March 5 and reviewed by Reuters, the investors expressed "deep alarm" about the possible end of favourable energy tariffs, noting the policy change could undermine broader financial stability and erode confidence in Vietnam at a time when the country plans to significantly expand its renewables capacity.
Among the 28 signatories are private equity fund Dragon Capital, the Vietnamese subsidiary of Philippines' ACEN ACEN.PS energy group, and investors from Thailand, the Netherlands, Singapore and China.
In recent years, the Southeast Asian country experienced a boom in renewable energy investments driven by generous feed-in tariffs, under which the state committed to buying electricity for 20 years at above-market prices.
However, the high tariffs increased losses for Vietnam's state-owned power utility EVN, the only buyer of the generated electricity, and led to an increase in power prices for households and factories.
Authorities have repeatedly tried to reduce the high tariffs. Now they are considering a retroactive review of the criteria set for accessing the feed-in tariffs, according to the investors' letter, even after the projects are producing power.
"Such a move could result in equity write-offs of nearly 100% for the affected projects, jeopardizing approximately over US$13 billion in investment," the letter said.
The letter did not clarify if all of the funds had been spent yet, and it was not clear how and when Vietnam intended to review existing rules. Vietnam's industry ministry and EVN did not immediately respond to requests for comment.
RISKS FOR CREDITORS
Investors said in the letter that EVN was already delaying payments or only partially paying for the electricity generated by renewable projects "without clear justification".
As a result, "multiple projects (are) facing loan default to both local and international lenders," the letter said, warning that a permanent revision or end of agreed tariffs "risks undermining national banking stability and eroding confidence in Vietnam's regulatory framework."
This comes as Vietnam is planning to greatly expand its capacity for solar and wind energy generation under a revised draft power plan for this decade seen by Reuters.
Under the plan's base scenario, installed capacity from wind and solar farms would exceed 56 gigawatts by 2030, nearly one-third of the total planned installed capacity from all sources, including fossil fuels.
Of the projects that could be hit by the retroactive reform, those funded by foreign investors have a combined capacity of nearly 4 GW, almost exclusively in solar energy, with an aggregate value of $4 billion, according to the letter.
(Reporting by Francesco Guarascio; Additional reporting by Khanh Vu; Editing by Jamie Freed)
(([email protected];))
India's Adani Green raises $1.06 billion for debt refinance
Adds details, background
March 3 (Reuters) - India's Adani Green ADNA.NS has raised $1.06 billion to refinance a renewable energy project's 2021 debt facility, it said on Monday, in its first major fund raise since the U.S. indictment of its top executives over an alleged bribery scheme.
Adani Green did not specify if it raised the amount via loan or dollar bonds for the project, located in the western state of Rajasthan.
The company had earlier shelved a $600 million bond issue after federal prosecutors in New York unsealed an indictment in November accusing Adani Group chairman Gautam Adani of bribing Indian officials to persuade them to buy electricity produced by Adani Green Energy.
Adani Group has said the charges were "baseless" and that it would seek "all possible legal recourse."
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Adds details, background
March 3 (Reuters) - India's Adani Green ADNA.NS has raised $1.06 billion to refinance a renewable energy project's 2021 debt facility, it said on Monday, in its first major fund raise since the U.S. indictment of its top executives over an alleged bribery scheme.
Adani Green did not specify if it raised the amount via loan or dollar bonds for the project, located in the western state of Rajasthan.
The company had earlier shelved a $600 million bond issue after federal prosecutors in New York unsealed an indictment in November accusing Adani Group chairman Gautam Adani of bribing Indian officials to persuade them to buy electricity produced by Adani Green Energy.
Adani Group has said the charges were "baseless" and that it would seek "all possible legal recourse."
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
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What does Adani Green Energy do?
Adani Green Energy is one of the largest renewable companies in India. AGEL is part of the Adani Group’s promise to provide a better, cleaner and greener future for India. Driven by the Group’s philosophy of ‘Growth with Goodness’, the company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The electricity generated is supplied to central and state government entities and government-backed corporations.
Who are the competitors of Adani Green Energy?
Adani Green Energy major competitors are Tata Power, JSW Energy, NHPC, Torrent Power, Adani Power, Neyveli Lignite, SJVN. Market Cap of Adani Green Energy is ₹1,69,132 Crs. While the median market cap of its peers are ₹86,689 Crs.
Is Adani Green Energy financially stable compared to its competitors?
Adani Green Energy seems to be less financially stable compared to its competitors. Altman Z score of Adani Green Energy is 1.26 and is ranked 7 out of its 8 competitors.
Does Adani Green Energy pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Adani Green Energy latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Adani Green Energy allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress
How strong is Adani Green Energy balance sheet?
Adani Green Energy balance sheet is weak and might have solvency issues
Is the profitablity of Adani Green Energy improving?
Yes, profit is increasing. The profit of Adani Green Energy is ₹1,815 Crs for TTM, ₹1,444 Crs for Mar 2025 and ₹1,100 Crs for Mar 2024.
Is the debt of Adani Green Energy increasing or decreasing?
Yes, The net debt of Adani Green Energy is increasing. Latest net debt of Adani Green Energy is ₹72,829 Crs as of Mar-25. This is greater than Mar-24 when it was ₹46,956 Crs.
Is Adani Green Energy stock expensive?
Adani Green Energy is not expensive. Latest PE of Adani Green Energy is 98.85, while 3 year average PE is 364. Also latest EV/EBITDA of Adani Green Energy is 26.57 while 3yr average is 61.89.
Has the share price of Adani Green Energy grown faster than its competition?
Adani Green Energy has given better returns compared to its competitors. Adani Green Energy has grown at ~59.44% over the last 7yrs while peers have grown at a median rate of 27.37%
Is the promoter bullish about Adani Green Energy?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 61.91% and last quarter promoter holding is 60.94%.
Are mutual funds buying/selling Adani Green Energy?
The mutual fund holding of Adani Green Energy is increasing. The current mutual fund holding in Adani Green Energy is 1.51% while previous quarter holding is 1.01%.