Gautam Adani-led Adani Green Energy Limited (AGEL) has lined up a capital expenditure of ₹10,000 crore in the current fiscal to expand its capacities.
The company, with an operational capacity of 2,545 mega watts (MW), plans to enhance its capacity to 5,990 MW.
Jayant Parimal, CEO, AGEL, said, “We have $510 million from the Total deal. We will raise another ₹6,000 crore to ₹7,000 crore from the Indian lenders on a project finance basis to fund our capex requirements.”
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AGEL has added 575 MW of capacity during the last fiscal and plans to add anywhere between 1 gigawatt (GW) to 2 GW of capacity in the current fiscal.
“We have already lost over two months in supply disruptions from China due to impact of COVID-19. Now, we need to catch up and complete the committed projects within time, even as the government has agreed to give an extension citing force majeure,” Mr. Parimal said. The company plans to commence construction activity which was mandatorily suspended during the lockdown as per government guidelines.
As on March 31, 2020, the company’s gross debt stood at ₹13,943 crore (excluding inter-corporate deposits and lease liability) and net debt stood at ₹11,470 crore.
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Earlier this month, AGEL had completed a 50% joint venture agreement with Total of France for ₹3,700 crore investment in the form of equity and other instruments from Total for 2,148 MW of operational solar projects of the group.
The company reported a profit of ₹56 crore in the third quarter, as against a loss of ₹94 crore in the same period last year. The profits were reported on a 10% increase in revenue to ₹601 crore.