History of Adani Green Energy Limited (AGEL)
Adani Green Energy Limited (AGEL) was founded in 2015 as part of the Adani Group's
strategic transition to renewable energy. The company was formed with the goal of becoming a
global leader in clean energy solutions, mirroring India's growing emphasis on sustainability and
lowering reliance on fossil fuels .Early Growth and Expansion (2015 - 2019)
AGEL has focused on establishing large-scale solar and wind energy projects in India since its
start. By 2019, the company's portfolio included around 5,290 MW of renewable energy projects
in 11 states, including Uttar Pradesh, Rajasthan, Maharashtra, and Gujarat. These projects were
either operational, in construction, or in various phases of development.
Early Growth and Expansion (2015–2019)
AGEL has focused on establishing large-scale solar and wind energy projects in India since its
start. By 2019, the company's portfolio included around 5,290 MW of renewable energy projects
in 11 states, including Uttar Pradesh, Rajasthan, Maharashtra, and Gujarat. These projects were
either operational, in construction, or in various phases of development.
During this time, company completed the commissioning of its 648 MW Kamuthi Solar Power
Project in Tamil Nadu, which was one of the world's largest single-location solar power plants at
the time.
Global Recognition and Major Contracts (2020–2021).
AGEL received global prominence in May 2020 when it won the world's largest solar bid, a $6
billion deal from the Solar Energy Corporation of India. AGEL agreed to develop an 8,000 MW
photovoltaic power plant as part of this arrangement, cementing its position as a leader in
renewable energy.
AGEL expanded aggressively in May 2021, spending $3.5 billion to acquire SB Energy
Holdings Limited, a joint venture between SoftBank Group and Bharti Enterprises. This
acquisition strengthened AGEL's position as India's leading renewable energy firm by adding
4,954 MW of renewable energy capacity to its portfolio.
Accelerating Growth and Technological Advancements (2022–2024)
By 2022, AGEL had expanded its presence in the area by investments in advanced energy
storage, hybrid solar-wind projects, and grid integration technology. The company also aimed to
reduce carbon emissions and increase energy efficiency through innovative solutions.
AGEL became the first Indian business to reach 10,000 MW of operational renewable energy
capacity in April 2024, when it commissioned a 2,000 MW solar park in Khavda, Gujarat.
AGEL's projects are estimated to power over 5.8 million homes and cut CO₂ emissions by
twenty-one million tons yearly, making this a significant milestone in India's renewable energy
environment.
Accelerating Growth and Technological Advancements (2022-2024).
By 2022, AGEL had increased its footprint in the region with investments in sophisticated
energy storage, hybrid solar-wind projects, and grid integration technology. The company also
aims to minimize carbon emissions and improve energy efficiency by developing new solutions.
AGEL became the first Indian company to exceed 10,000 MW of operational renewable energy
capacity in April 2024, when it launched a 2,000 MW solar plant in Khavda, Gujarat. AGEL's
projects are anticipated to power over 5.8 million homes and reduce CO₂ emissions by 21 million
tons annually, marking a significant milestone in India's renewable energy landscape.
Adani Green Energy Limited (AGEL) is committed to driving the global transition to sustainable
energy alternatives. Here's a detailed look at the company's vision, mission, core values, and
guiding philosophy:
VISION
The Vision Statement aims to be a global leader in renewable energy, promoting innovation and
quality to make clean energy accessible to everyone. The organization envisions communities
that thrive in harmony with nature, creating a healthy and sustainable environment for future
generations
Mission Statement
AGEL's aim is to lead the transition to a more sustainable future by offering clean and renewable
energy solutions. The company is committed to decreasing carbon emissions and combating
climate change by developing, building, and operating solar and wind farm projects. AGEL
intends to contribute to the worldwide effort to transition to a low-carbon economy and create a
better planet for future generations.
Core Values
AGEL's operations are guided by these key values:
Integrity means adhering to the highest ethical standards in all transactions, being honest,
truthful, and accountable for one's conduct.
Innovation: We strive to be at the forefront of renewable energy technology and solutions,
constantly looking for innovative methods to increase efficiency and sustainability.
Sustainability: Committed to building a cleaner future by lowering carbon footprints and
encouraging environmental stewardship.
Excellence: We are committed to delivering excellence in all aspects, from project development
to operations and maintenance, with the goal of meeting the highest quality and performance
standards possible.
Collaboration: Believing in the power of collaboration and partnership, we collaborate with
stakeholders to achieve greater success and have a beneficial effect on the world.
Philosophy
AGEL's concept is based on the notion that sustainable development is critical to the well-being
of the world and its inhabitants. The company emphasizes the need of achieving a balance
between economic growth, environmental sustainability, and social equality. AGEL aspires to
create renewable energy solutions that not only meet present energy demands, but also secure a
sustainable and prosperous future for all, by combining cutting-edge technology with a
dedication to ethical standards.
Adani Green Energy Limited (AGEL) is led by a group of seasoned experts who are committed
to advancing the company's renewable energy projects. The following is an overview of AGEL's
top management:
Vneet S. Jaain serves as the managing director and CEO.
Vneet S. Jaain has been with the Adani Group for about 15 years, helping shape the company's
energy and infrastructure endeavors. He has played a key role in the conceptualization and
implementation of numerous projects, including renewable energy, electricity generation,
transmission, and distribution. AGEL has completed key projects under his guidance, including
India's largest solar module manufacturing facility and one of the world's largest solar facilities.
Executive Director: Sagar Adani.
Sagar Adani joined the Adani Group in 2015, having earned an economics degree from Brown
University in the United States. He is credited for building AGEL's solar and wind portfolios and
is currently in charge of the company's organizational, strategic, and financial affairs.
Chief Financial Officer (CFO): Saurabh Shah
Saurabh Shah joined AGEL's Chief Financial Officer on September 30, 2024. He formerly
served as Adani Enterprises' Deputy Chief Financial Officer. He succeeded Phuntsok Wangyal,
who had resigned from his position.
The Chief Technology Officer (CTO): Sudipta Bhattacharya
Sudipta Bhattacharya is the Adani Group's Group CTO, responsible for technical developments
across all of its companies, including AGEL. His responsibilities include developing innovation
and integrating cutting-edge technologies to improve operational efficiency and sustainability
across the company's renewable energy operations.
This executive team is dedicated to helping AGEL achieve its objective of driving the transition
to sustainable energy solutions.
Sustainability Initiatives
Renewable Energy Expansion: AGEL is in the forefront of developing large-scale renewable
energy projects, such as solar and wind farms, to cut carbon emissions and battle climate change.
The company has increased its renewable energy portfolio by forming new companies to speed
clean energy projects, with an emphasis on solar, wind, and hybrid energy solutions.
Environmental Conservation: In accordance with the Adani Group's vision of "Growth with
Goodness," AGEL pursues a variety of environmental conservation projects. These initiatives
seek to reduce the risks of crumbling landscapes and transform them into fertile, greener regions.
An excellent achievement in this regard is the restoration of ecologically sensitive places like
Mundra, where the firm has conserved and expanded mangrove afforestation.
Corporate social responsibility (CSR) initiatives
The Adani Group invests approximately 2% of its overall profit in various CSR programs,
responding to rising grassroots demands and aligning activities with the global Sustainable
Development Goals. The foundation's teams work to secure a bright future for millions by
investing in the following areas:
Education: Initiatives aimed at improving educational opportunities and infrastructure to promote
learning and growth in communities.
Health programs aim to increase healthcare access and services, resulting in better health
outcomes for underrepresented people.
Community Infrastructure: Projects that construct and upgrade critical infrastructure, thereby
contributing to the overall well-being and economic growth of communities.
Sustainable Livelihood: Efforts to generate and promote long-term livelihood options that
empower individuals and families financially.
Safety and Swachhagraha initiatives aim to raise safety awareness and cleanliness, resulting in
healthier and safer living conditions.
Women's Empowerment: Programs that aim to empower women via education, skill
development, and economic opportunities, hence promoting gender equality and inclusive
growth.
These programs represent AGEL's dedication to incorporating sustainability and social
responsibility into its business operations, positively impacting the environment and society.
Adani Green Energy Limited (AGEL) has actively sought strategic alliances to strengthen its
renewable energy portfolio and promote innovation in sustainable energy solutions. The
following is a detailed summary of AGEL's important collaborations and activities.
1. Total Energies Partnership.
AGEL has a long-standing cooperation with Total Energies, a French global energy corporation,
to promote renewable energy growth in India.
2020 Investment: In early 2020, Total Energies signed a definitive agreement with AGEL to
spend roughly $510 million and acquire a 20% share in AGEL. This investment demonstrated a
substantial commitment to India's renewable energy sector.
In September 2024, AGEL and Total Energies agreed to form a 50:50 joint venture to develop a
1,150 MWac (1,575 MWp) solar portfolio in Khavda, Gujarat.
[Link] acquisition of SB Energy Holdings Limited
In May 2021, AGEL paid $3.5 billion for SB Energy Holdings Limited, a joint venture between SoftBank
Group and Bharti Enterprises. This acquisition expanded AGEL's renewable energy portfolio by 4,954
MW, cementing the company's position as a global leader in renewable energy.
3. Collaboration with Siemens Gamesa.
AGEL has reinforced its relationship with Siemens Gamesa by acquiring a 473 MW wind energy project
in Rajasthan. This project entails the installation of 215 SG 2.2-122 wind turbines, which will increase
India's wind energy capacity and help AGEL's renewable energy targets.
4. Partnership with International Holding Company (IHC)
In May 2022, the UAE-based conglomerate International Holding Company (IHC) made a $2
billion investment in three Adani Group enterprises, including AGEL. This investment intends to
support AGEL's renewable energy initiatives and is consistent with IHC's vision of expanding its
green energy investment portfolio.
5. IIT Bombay Collaboration
AGEL has signed a Memorandum of Understanding with the Indian Institute of Technology
Bombay to help improve renewable energy research. The relationship focuses on advances in
photovoltaic technology through IIT Bombay's Photovoltaic Technology and Innovation Centre,
with the goal of driving advancements in solar energy solutions.
6. Sri Lankan Wind Power Projects
AGEL is establishing two wind power plants in Sri Lanka's northern district for a total
investment of $442 million. The Sri Lankan government is in talks with AGEL to reduce the
power purchase cost of these projects, with the goal of making renewable energy more
affordable in the area.
These collaborations and purchases demonstrate AGEL's commitment to increasing its
renewable energy footprint and encouraging innovation through strategic partnerships.
