India's Adani Green sees profits soar amid rising energy demand
Indian developer is currently building what it says will be world’s largest renewable energy project
Adani Green Energy profits have jumped 38% amid surging demand for power from its projects – including a 30GW mega-complex that recently signed up Google as a buyer.
In results for the three months through to September posted today, the Indian developer reported that its profits jumped to 5.15bn rupees ($61.2m) from 3.7bn rupees for the same period last year.
Its total income increased from 26bn rupees ($311m) to 33.8bn rupees ($407m), an more than 30% increase.
That growth came amid a 34% increase in Adani Green’s operational capacity to 11.2GW. Its sale of energy increased by 20% to around 48bn rupees ($582m).
“Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency,” said Adani Green CEO Amit Singh.
Adani Green is the renewables arm of Adani Group, owned by billionaire founder and chairman Gautam Adani.
The developer plans to increase its renewable energy portfolio from its current operational capacity to 50GW by 2030.
It is currently developing what it describes as the world's largest renewable energy plant with a capacity of 30GW – 26GW of solar and 4GW of wind – in the state of Gujarat.