Adani Green powers ahead: How Khavda mega project is fuelling India's renewable revolution

Adani Green Energy Limited (AGEL) has commenced the operationalisation of 480.1 megawatts (MW) of renewable energy projects at Khavda, Gujarat, through its wholly-owned step-down subsidiaries. The newly commissioned capacity comprises 75% solar (362.5 MW), with the remaining sourced from wind projects spread across five subsidiaries. With the commissioning of these plants, AGEL’s total operational renewable generation capacity has increased to 14,217.9 MW.

“Based on the relevant clearances, it was decided at 10:10 p.m. on March 29, 2025, to operationalise these plants and commence power generation from March 30, 2025,” AGEL said in a release.

AGEL added 675 MW capacity in 9M FY25

AGEL has added 675 MW of generation capacity in the first nine months of the current fiscal (9M FY25), while Q4 FY25 has seen 1 GW added so far, according to a recent report by Emkay Global. The report noted that the management is confident of adding 5 GW this year and aims to achieve a generation capacity of 50 GW by 2030.

“Khavda experienced a severe and extended monsoon, which impacted project work. However, the management remains optimistic about adding 5 GW this year and 5–6 GW annually thereafter, with the 50 GW target for 2030 remaining intact. PSP projects totaling 5.5 GW are also on schedule, with the first 500 MW expected to come online by 2027–28,” the report stated.

Earlier this month, Cantor Fitzgerald Research initiated coverage on Adani Green Energy, stating that the company is “only in the early phases of its growth inflection point.” By 2030, AGEL aims to exceed 50 GW of operational capacity. “While operational capacity has increased fourfold over the last five years, we expect it to increase by another fourfold over the next five years,” the report noted.

AGEL is currently developing the world’s largest renewable energy site at Khavda, spanning 538 sq. km—approximately five times the size of Paris. This site is projected to grow from 2.4 GW of operational capacity today to 30 GW by FY30. As of September 2024, India’s total generation capacity stands at 453 GW, meaning this one site alone would account for 6.6% of the country’s total energy generation, while AGEL’s overall portfolio could contribute over 10%, according to the brokerage’s report.

For a country like India, which is committed to reducing carbon emissions and achieving net-zero targets through increased renewable energy capacity, Cantor Fitzgerald believes AGEL presents a compelling investment case.