Overview

Adani Green Energy Limited (AGEL) is an Indian renewable-energy company and a member of the Adani Group. Its core business is the development, construction, ownership and operation of large-scale renewable-power assets, particularly solar photovoltaic, wind and combined wind-solar projects. The company sells generated electricity through power-purchase agreements and other electricity-market arrangements, making it both an infrastructure developer and a long-term power-generation operator. AGEL was incorporated in January 2016 under India’s Companies Act 2013. It became the principal listed vehicle for the Adani Group’s renewable-generation strategy after taking control of the group’s broader solar portfolio in 2017 and listing on the National Stock Exchange of India and Bombay Stock Exchange. Its early expansion included wind projects developed with Inox Wind, the acquisition of additional wind assets, and the creation of renewable-energy park arrangements with the Government of Rajasthan. The company’s portfolio has expanded through organic development, competitive bidding and acquisitions. Its activities have included solar parks, wind farms and integrated renewable-energy clusters designed to combine different generation profiles. In 2019, AGEL acquired a solar portfolio from Essel Group, while TotalEnergies agreed in 2020 to acquire a minority stake. In 2021, AGEL announced the acquisition of SB Energy Holdings, a transaction that materially increased its solar-generation platform. AGEL is associated with some of India’s largest renewable-energy developments. The Kamuthi Solar Power Project in Tamil Nadu is among the company’s best-known assets. The Khavda renewable-energy development in Gujarat is a major hybrid project combining extensive solar and wind generation, supported by large-scale transmission, manufacturing and logistics infrastructure in the wider Adani ecosystem. The company has also pursued international capital-market financing. In 2019, it issued US-dollar-denominated green bonds that were listed on the Singapore Exchange. Its growth has been supported by India’s renewable-capacity targets, government auctions, long-term offtake arrangements and the Adani Group’s infrastructure capabilities. At the same time, the business is exposed to financing costs, construction and grid-connection delays, resource variability, tariff conditions, land-acquisition issues, regulatory changes and the credit quality of electricity purchasers. AGEL has stated a long-term goal of reaching 45 GW of renewable-energy capacity by 2030. That target, as well as operational capacity, project capacity and asset ownership, may change as projects are commissioned, transferred or newly disclosed. The company remains listed in India and is closely linked to the wider Adani Group, whose businesses include infrastructure, ports, logistics, energy and natural resources.

History

Adani Green Energy was incorporated on 23 January 2016 under India’s Companies Act 2013 as the Adani Group developed a dedicated platform for renewable electricity. Its early activities covered both solar and wind generation. AGEL worked with Inox Wind on a 20 MW wind project at Lahori in Madhya Pradesh and acquired Inox Wind’s 50 MW wind project at Dayapar in Kutch, Gujarat. During the 2015–2016 period, an AGEL subsidiary, Adani Renewable Energy Park Limited, also entered into a joint-venture arrangement with the Government of Rajasthan for renewable-energy-park development. A major organizational turning point came in 2017, when AGEL assumed control of the Adani Enterprises solar portfolio and became listed on India’s National Stock Exchange and Bombay Stock Exchange. Listing gave the renewable-energy business an independent public-market identity and a financing platform for further project development. The company subsequently expanded through a combination of internal construction, competitive tenders, project partnerships and acquisitions. In 2018, AGEL acquired a 49% interest in Kodangal Solar Parks Private Limited, turning the entity into a joint venture; it acquired the remaining 51% in 2019. In the middle of 2019, the company acquired a 205 MW Essel Group solar portfolio located in Punjab, Karnataka and Uttar Pradesh for approximately US$185 million, while also agreeing to purchase a further portfolio under construction. Later in 2019, AGEL became the first Indian company described in the reference material as issuing investment-grade U.S.-dollar green bonds to foreign investors. The US$362.5 million bonds were listed on the Singapore Exchange and were scheduled to mature in 2039. The company’s expansion continued through strategic investment. In early 2020, TotalEnergies entered into a binding agreement to invest US$510 million for a 20% stake in AGEL. In May of the same year, AGEL won a major Solar Energy Corporation of India bid involving the proposed development of 8 GW of photovoltaic capacity. In 2021, it agreed to acquire SB Energy Holdings, a SoftBank Group-backed renewable platform, for approximately US$3.5 billion. These transactions reinforced AGEL’s emphasis on utility-scale solar and its role as one of the Adani Group’s principal energy-transition businesses. AGEL has developed and operated projects across numerous Indian states, including Gujarat, Rajasthan, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra, Madhya Pradesh, Uttar Pradesh, Punjab and Chhattisgarh. Its assets include the Kamuthi Solar Power Project, one of its most prominent solar installations, as well as wind farms and hybrid projects. The Khavda development in Gujarat became a defining recent project. Reference reports describe construction beginning in 2022 and first production at the end of 2023, with solar generation operating alongside wind generation in a large renewable-energy cluster. The project uses high-capacity wind turbines and water-saving robotic systems for solar-panel cleaning in an arid environment. The company’s stated long-term strategy is to build a very large renewable portfolio and reach 45 GW of capacity by 2030. Its business model depends on successfully developing land and transmission connections, arranging project finance, completing construction, maintaining generation assets and selling electricity under viable contractual or market terms. Its expansion has also attracted scrutiny. Farmers opposed a proposed solar park in Rajasthan, and the Rajasthan High Court ordered maintenance of the existing position in relation to the dispute. In 2023, Hindenburg Research accused Adani Group companies of market manipulation and accounting improprieties. Adani rejected the allegations, but the controversy affected the market value of Adani-linked securities and became part of the company’s broader public and investor context. Adani Green Energy remains an active, India-focused renewable-energy company within the Adani Group. Its portfolio, capacity and ownership structure should be checked against current annual reports, exchange filings and company disclosures because projects and corporate arrangements can change over time.

2024
U.S. ambassador visits Khavda
[1]Adani Green Energyen.wikipedia.org
U.S. Ambassador Eric Garcetti visits the Khavda project and discusses its clean-energy significance for U.S.–India relations.
2023
Khavda project begins initial production
[1]Adani Green Energyen.wikipedia.org
Reference reports state that the Khavda hybrid renewable-energy development records first production on 31 December.
2021
SB Energy acquisition
[1]Adani Green Energyen.wikipedia.org
AGEL confirms the acquisition of SoftBank Group-backed SB Energy Holdings for approximately US$3.5 billion.
2020
TotalEnergies takes a minority stake
[1]Adani Green Energyen.wikipedia.org
TotalEnergies agrees to invest US$510 million for a 20% interest in AGEL.
2020
Large photovoltaic capacity bid awarded
[1]Adani Green Energyen.wikipedia.org
AGEL wins a Solar Energy Corporation of India tender involving the proposed construction of 8 GW of photovoltaic capacity.
2019
Essel solar portfolio acquisition
[1]Adani Green Energyen.wikipedia.org
AGEL acquires a 205 MW solar portfolio from Essel Group and agrees to acquire additional projects under construction.
2019
Green bond issuance
[1]Adani Green Energyen.wikipedia.org
AGEL issues US$362.5 million of U.S.-dollar green bonds to foreign investors; the bonds are listed on the Singapore Exchange and are scheduled to mature in 2039.
2018
Kodangal Solar Parks investment
[1]Adani Green Energyen.wikipedia.org
AGEL acquires a 49% interest in Kodangal Solar Parks Private Limited, creating a joint-venture position.
2017
Solar portfolio transferred and company listed
[1]Adani Green Energyen.wikipedia.org
AGEL takes control of the Adani Enterprises solar portfolio and is listed on the National Stock Exchange of India and Bombay Stock Exchange.
2016
Adani Green Energy is incorporated
[1]Adani Green Energyen.wikipedia.org
Adani Green Energy Limited is incorporated on 23 January under India’s Companies Act 2013.
2016
Renewable-energy park joint venture in Rajasthan
[1]Adani Green Energyen.wikipedia.org
Adani Renewable Energy Park Limited signs a joint-venture agreement with the Government of Rajasthan for renewable-energy development.

Products and positioning

A large-scale Indian renewable-energy developer, asset owner and power-generation operator serving utility, contracted and grid-connected electricity markets.

Renewable electricity generation
Solar power projects
AGEL develops, builds and operates utility-scale solar photovoltaic facilities across India. These projects convert solar radiation into grid electricity and typically depend on long-term power-purchase arrangements, government tenders or other contracted offtake structures. The solar portfolio includes large standalone plants and solar assets integrated into broader renewable-energy parks. The Kamuthi Solar Power Project in Tamil Nadu is among the company’s best-known installations.
Renewable electricity generation
Wind power projects
The company develops and operates wind-generation assets that use onshore wind turbines to supply electricity to India’s power system. Its early portfolio included projects developed with Inox Wind and the acquisition of a wind project at Dayapar in Kutch. Wind assets diversify AGEL’s generation base and can complement solar output, particularly in projects designed around shared transmission and renewable-energy-park infrastructure.
Integrated renewable energy
Hybrid renewable-energy projects
Hybrid projects combine solar and wind generation, and may include common transmission, storage-ready infrastructure or other balancing arrangements. By using resources with different production patterns, these projects can improve the utilization of grid connections and provide a more continuous renewable-generation profile than a single-technology plant. Khavda is the company’s most prominent example of a large integrated solar-wind development.
Energy infrastructure development
Renewable-energy parks
Renewable-energy parks are large development zones that coordinate generation assets, land, transmission and supporting infrastructure. AGEL has used this model in cooperation with public authorities and within the Adani Group’s wider infrastructure network. The approach is intended to support economies of scale in project construction and operations while concentrating solar, wind and hybrid capacity in areas with suitable renewable resources and grid access.

Controversies

2023
Hindenburg allegations concerning Adani Group companies
Hindenburg Research published the results of a two-year investigation alleging market manipulation and accounting misconduct involving Adani Group companies and disclosed short positions. Adani denied the allegations as unfounded and ill-intentioned. The report was followed by declines in the value of Adani-related shares and bonds.
Source
Rajasthan solar-park land and construction dispute
Farmers opposed the proposed construction of a 1.5 GW solar park at Pokhran. Reference material states that the Rajasthan High Court ordered the parties to maintain the existing position while the dispute proceeded.
Source

Marketing campaigns

2024Khavda clean-energy cooperation outreach
India · United States
The visit by U.S. Ambassador Eric Garcetti to the Khavda site served as a public-facing demonstration of the project’s role in renewable-energy development and U.S.–India clean-energy cooperation.
Outcome. The visit increased the project’s diplomatic and public visibility.
Source

Brand decisions

2021
Acquire SB Energy HoldingsM&A
Background
AGEL sought to accelerate expansion of its solar-generation platform through the purchase of an established renewable-energy business.
Action taken
AGEL agreed to acquire SoftBank Group-backed SB Energy Holdings.
Aftermath
The acquisition materially expanded AGEL’s solar project platform and development pipeline.
Acquisition consideration. Approximately US$3.5 billion (2021)
Source
2020
Bring TotalEnergies in as a minority investorM&A
Background
AGEL pursued strategic capital and an international energy partner to support its renewable-energy expansion.
Action taken
TotalEnergies agreed to invest US$510 million for a 20% stake in AGEL.
Aftermath
TotalEnergies became a minority investor in the listed renewable-energy company.
Investment consideration. US$510 million for a 20% stake (2020)
Source
2020
Pursue large-scale integrated renewable capacityStrategy
Background
India’s renewable-energy tenders created opportunities for developers able to finance and execute very large utility-scale projects.
Action taken
AGEL won a SECI bid involving the proposed development of 8 GW of photovoltaic capacity.
Aftermath
The award reinforced AGEL’s positioning as a large-scale solar developer, although delivery depends on project execution, financing and grid access.
Source
2019
Acquire Essel Group solar assetsM&A
Background
AGEL sought to expand its operating solar portfolio through the purchase of projects in Punjab, Karnataka and Uttar Pradesh.
Action taken
The company acquired a 205 MW portfolio and agreed to purchase an additional portfolio under construction.
Aftermath
The transaction increased AGEL’s presence in operating and developing utility-scale solar projects.
Acquisition consideration. US$185 million for the 205 MW portfolio (2019)
Source

Recent events

2026-10-21
Adani Green Energy reports Q2 and H1 FY27 results[3]阿达尼绿色能源公布 FY27 第二季度及上半年业绩equitybulls.com
Reported: 2026-10-21
Adani Green Energy Limited released unaudited consolidated and standalone financial results for the second quarter and half year ended September 30, 2026. Consolidated total income was Rs. 4,520 crores for the quarter and Rs. 9,183 crores for the half year.
2021-12-27
Adani Green Energy wins Global Sponsor of the Year[4]阿达尼绿色能源荣获年度全球赞助商奖business-standard.com
Reported: 2021-12-27
Adani Green Energy won Project Finance International's Global Sponsor of the Year award. The award recognizes the company as a driver of energy transition and its platform to implement 45GW of renewable energy generation capacity by 2030.
2021-10-04
Adani Green Energy completes acquisition of SB Energy India[5]阿达尼绿色能源完成对SB Energy India的收购business-standard.com
Reported: 2021-10-04
Adani Green Energy Ltd (AGEL) said it completed the acquisition of SB Energy India in an all-cash deal for $3.5 billion; SB Energy India became a wholly owned subsidiary of AGEL.
2021-10-04
Adani Green completes acquisition of SB Energy India[6]Adani Green完成对SB Energy India的收购business-standard.com
Reported: 2021-10-04
Adani Green Energy completed the all-cash acquisition of SB Energy India, which became a wholly owned subsidiary of Adani Green Energy.
2021-10-01
Adani Green subsidiary agrees to acquire Vento Energy Infra[7]Adani Green子公司同意收购Vento Energy Infrabusiness-standard.com
Reported: 2021-09-30
Adani Renewable Energy (MH), a wholly owned subsidiary of Adani Green Energy, signed definitive agreements with Essel Green Energy to acquire 100% economic value in an SPV that owns a 40 MW operating solar project in Odisha.
2021-09-20
Adani Green Energy appoints Romesh Sobti as additional director[8]Adani Green Energy任命Romesh Sobti为额外董事equitybulls.com
Reported: 2021-09-20
Adani Green Energy Limited appointed Romesh Sobti as an additional non-executive independent director, to hold office until the ensuing annual general meeting.
2021-03-31
Adani Green Energy completes acquisition of Surajkiran Renewable Resources[9]Adani Green Energy 完成收购 Surajkiran Renewable Resourcesequitybulls.com
Reported: 2021-03-31
Adani Green Energy completed its acquisition of all shares and securities of Surajkiran Renewable Resources from Skypower Southeast Asia III Investments and Skypower Southeast Asia Holdings 2.
2021-03-26
Adani Green completes acquisition of Spinel Energy[10]Adani Green完成对Spinel Energy的收购business-standard.com
Reported: 2021-03-27
Adani Green Energy said it completed its acquisition of Spinel Energy & Infrastructure from Hindustan Cleanenergy and Peridot Power Ventures. Spinel owns a 20 MW operating solar project in Mahoba, Uttar Pradesh.
2021-03-26
Adani Green completes acquisition of two solar project companies[11]Adani Green完成收购两家太阳能项目公司equitybulls.com
Reported: 2021-03-26
Adani Green Energy Limited completed its acquisition of all shares and securities of Surajkiran Solar Technologies Private Limited and Dinkar Technologies Private Limited from Sterling and Wilson Private Limited.
Unconfirmed
Adani Green Energy acquires SkyPower's 50 MW Telangana solar project[12]Adani Green Energy 收购 SkyPower 位于特伦甘纳邦的 50 兆瓦太阳能项目business-standard.com
Reported: 2021-03-20
Adani Green Energy acquired SkyPower's 50 MW solar project in Telangana, India.

Showing the 10 most recent.