The Adani Group has partnered with global technology giant Google to promote clean energy in India, aiming to advance its sustainability objectives while contributing to the country’s renewable energy grid.
Adani will supply clean energy to Google from its solar-wind hybrid energy plant situated in Khavda, which is the largest renewable energy park in the world. The project is anticipated to begin commercial operations in the third quarter of 2025.
With a proven history of executing large-scale renewable projects such as wind, solar, hybrid, and energy storage, Adani is well-positioned to provide customized energy solutions for commercial and industrial (C&I) clients.
This strategic emphasis aims to help industries meet their energy requirements while simultaneously lowering their carbon footprints. Going forward, Adani intends to focus on expanding its presence in the merchant and C&I sectors, which is vital for the decarbonization of various industries.
Strategic Collaboration
The collaboration aligns with Google’s ambitious goal of achieving 24/7 carbon-free energy for its global operations, as well as reducing its combined Scope 1, 2, and 3 absolute emissions by 50 percent by 2030, a commitment initiated in 2019.
By utilizing clean energy sources in India, the partnership aims to power Google’s cloud services and operations with renewable energy, supporting the company’s sustainable growth in the region.
Recently, Adani Green Energy Ltd entered into a power consumption agreement to supply green energy to a commercial and industrial client. As part of this agreement, Adani Renewable Energy Three Ltd will deliver electricity from a newly established 61.4-megawatt renewable energy facility in Khavda, which was formalized on October 3.
Stocks to impact
In September, Adani Green Energy and Adani Energy Solutions joined the Utilities for Net Zero Alliance, an international platform dedicated to facilitating the transition to renewable energy. Both companies are committed to reaching net-zero carbon emissions by 2050.
The long-term power purchase agreements with Google ensure financial stability and a consistent revenue stream for Adani Green Energy. Moreover, this collaboration promotes innovation in hybrid energy solutions, enhancing operational efficiency for Adani Energy Solutions Limited.
Share Price Movement
With a market capitalization of Rs.2.87 lakh crore, the share price of Adani Green Energy Ltd reached an intra-day high of Rs.1,835.00 per share on Friday, rising 1.5 percent from its previous close.
With a market capitalization of Rs.1.18 lakh crore, the share price of Adani Energy Solutions Ltd reached an intra-day high of Rs.1,020.50 per share on Friday, rising 0.5 percent from its previous close.
Financials
In its recent financials, for the quarter ending June 2024, Adani Green Energy Ltd reported a net profit of Rs.629 crore, up 95 percent from Rs.323 crore in Q1 FY24. Revenue from operations rose 31.12 percent to Rs.2,835 crore from Rs.2,162 crore in the same period.
According to the financials of Adani Energy Solutions Limited, the company reported a revenue of Rs.5,379 crore in Q1 FY25, up 47 percent from Rs.3,664 crore in Q1 FY24. However, it posted a net loss of Rs.1,191 crore this quarter, compared to a net profit of Rs.182 crore in Q1 FY24, primarily due to a significant increase in exceptional items totaling Rs.1,506 crore.
Written by – Siddesh S Raskar
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