Adani Green energy sales up 32% in H1 FY27 on capacity growth

Adani Green Energy Limited reported a 32% year-on-year increase in sale of energy for the first half of fiscal year 2027 (H1FY27), reaching 25,747 million units. This growth was primarily driven by a 24% expansion in operational renewable energy capacity, which rose to 20,763 MW compared to the corresponding period last year.

The company added 4,083 MW of greenfield capacity during the half-year period. The portfolio now comprises 14,550 MW of solar, 2,947 MW of wind, and 3,266 MW of hybrid projects. In the second quarter alone, the company operationalized 621 MW, including the commissioning of 3,081 MWh of Battery Energy Storage System (BESS) capacity in Khavda, Gujarat. This single-location deployment brings AGEL's total installed BESS capacity to 6,632 MWh as of September 30, 2026.

Operational performance metrics

The surge in generation volume was supported by strong plant availability across all resource segments. The solar portfolio maintained a plant availability of 99.3% with a Capacity Utilisation Factor (CUF) of 22.9%. Wind assets recorded a CUF of 42.9% with 94.6% availability, while hybrid projects achieved the highest CUF at 45.2% with 98.8% availability.

Metric	H1 FY26	H1 FY27	Change
Solar Capacity (MW)	11,593	14,550	+25.5%
Wind Capacity (MW)	2,142	2,947	+37.6%
Hybrid Capacity (MW)	2,945	3,266	+10.9%
Total Capacity (MW)	16,680	20,763	+24.5%
Sale of Energy (mn units)	19,569	25,747	+31.6%

Grid availability and curtailment trends

A notable divergence appears in grid availability metrics. While plant availability remained robust, solar grid availability declined to 78.9% in H1FY27 from 87.0% in FY26. The company attributes this decline to delayed grid access and transmission curtailment during daytime peak hours. Despite this, wind and hybrid grid availability remained relatively stable at 93.7% and 94.5% respectively. The company noted that CUF continues to be reported based on generated units, accounting for all grid curtailments.

What the numbers show

The data reveals a strategic shift in revenue visibility alongside volume growth. While total generation grew by 32%, the composition of contracted power shows increasing stability. Generation from 25-year fixed tariff PPAs stood at 14,478 million units in H1FY27, representing 56% of total sales. This is up from 7,242 million units (approx. 37%) in the same period last year (derived from FY26 full year split). Furthermore, AGEL met 58% of its annual PPA commitment in the first half alone, indicating strong execution against contractual obligations despite grid constraints. The addition of 6.6 GWh of BESS capacity signals a move toward firming up renewable output, potentially mitigating future merchant price volatility and curtailment risks.