Tuesday morning’s focus will be on Adani Green Energy Ltd. shares after it was reported that the producer of renewable energy was planning to invest an extra $22 billion to increase capacity by more than five times by 2030.

As of September 30, Adani Green Energy had an 8,316 MW operational capacity. Over the past year, the Gautam Adani-led company has added 1,150 MW of solar-wind hybrid, 230 MW of wind power, and 212 MW of solar plants. It still possesses the nation’s largest operational portfolio of renewable energy.

According to Bloomberg Television, India’s electricity demand is growing by 7% year. Amit Singh, the company’s chief executive officer, stated that it is in the company’s “national interest and economic interest” to prioritise the domestic market before considering foreign expansion. Singh made this statement on Monday at the UN COP28 climate summit in Dubai.

Adani Green Energy’s energy sales increased 78% YoY to 11,760 million units in H1FY24 due to increased capacity and better CUF in its portfolios of solar, wind, and hybrid energy. With increased plant availability and solar irradiation, the Gautam Adani-led company’s solar portfolio CUF (capacity utilisation factor) increased 90 basis points YoY to 25.20 percent in H1FY24. Conversely, the wind portfolio CUF increased by 360 basis points year over year to 40.2% in H1 FY24 thanks to steady wind speed and a notable improvement in grid availability.

Adani Green Energy’s stock has increased by 14% over the past six months, but it has decreased by 40% year-to-date due to the devastating Hindenburg Research report from January of this year, which caused the market capitalization of Adani group shares to decline by $150 billion.

Adani Green Energy reported a 149% YoY increase in profit for the September quarter, coming in at Rs 371 crore, on an 80% increase in sales of Rs 1,984 crore.

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