Adani Green Energy Incorporates Step-Down Subsidiary Adani Ecogen Four Limited

Adani Green Energy has formally incorporated a new step-down subsidiary, Adani Ecogen Four Limited, through its wholly-owned subsidiary Adani Renewable Energy Holding Eleven Limited. The company received the Certificate of Incorporation on December 31, marking another expansion in its renewable energy portfolio.

Incorporation Details

Adani Renewable Energy Holding Eleven Limited, a wholly-owned subsidiary of Adani Green Energy, incorporated Adani Ecogen Four Limited as its wholly-owned subsidiary on December 30. The Certificate of Incorporation was received on December 31, completing the formal establishment process.

Parameter:	Details
Subsidiary Name:	Adani Ecogen Four Limited
Incorporation Date:	December 30
Certificate Received:	December 31
Parent Entity:	Adani Renewable Energy Holding Eleven Limited
Ultimate Parent:	Adani Green Energy Limited

Capital Structure and Financial Details

The newly incorporated entity has been established with a modest capital structure, reflecting its early-stage status. The company has not yet commenced business operations, indicating it is in the preparatory phase of its renewable energy initiatives.

Financial Parameter:	Amount
Authorised Capital:	₹1.00 lakh
Paid-up Capital:	₹1.00 lakh
Current Turnover:	Nil
Shareholding:	100% by AREH11L

Business Objectives and Scope

Adani Ecogen Four Limited has been established with comprehensive objectives in the renewable energy sector. The subsidiary will focus on generating, developing, transforming, distributing, transmitting, and supplying electrical energy using renewable sources including wind energy, solar energy, and other clean energy technologies.

Regulatory Compliance

The incorporation has been communicated to stock exchanges in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company has fulfilled all regulatory requirements for establishing the step-down subsidiary, with no additional governmental or regulatory approvals required for the incorporation process.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.79%	+0.01%	-3.16%	-1.02%	-2.46%	-3.56%

Adani Green Energy Limited has successfully operationalized 307.4 MW of renewable power projects at Khavda, Gujarat, marking another significant milestone in the company's expansion of clean energy infrastructure. The commissioning of these projects has elevated AGEL's total operational renewable generation capacity to 17,237.2 MW, with commercial generation commencing from January 1, 2026.

Project Commissioning Details

The operationalization was executed through six stepdown subsidiaries of Adani Green Energy Limited, comprising a strategic mix of wind, solar, and wind-solar hybrid assets. The projects form part of AGEL's rapid expansion at Khavda, where the company is building the world's largest renewable energy plant, targeting as much as 30,000 MW capacity by 2029.

SPV Name:	Project Type	Capacity (MW)
Adani Renewable Energy Forty One Limited	Wind	0.20
Adani Green Energy Twenty Five C Limited	Solar	75.00
Adani Green Energy Twenty Six B Limited	Wind	25.00
Adani Green Energy Twenty Six B Limited	Hybrid	50.00
Adani Hybrid Energy Jaisalmer Five Limited	Wind	31.20
Adani Hybrid Energy Jaisalmer Five Limited	Hybrid	126.00
Total	Mixed	307.40

Rapid Capacity Growth Trajectory

AGEL's operational portfolio has demonstrated sharp growth over the past year. The company crossed 15,539 MW in June 2025 and reached 16,486 MW by the end of September, driven largely by greenfield additions at Khavda as well as several hybrid clusters in Rajasthan. As of September 2025, the company had 7.1 GW of solar, wind and hybrid capacity operational at the Khavda site.

Growth Milestone:	Capacity (MW)	Timeline
June 2025	15,539	Mid-year milestone
September 2025	16,486	End of Q2 FY26
Current Status	17,237.2	Latest operational capacity

Strong Financial Performance

AGEL's rapid build-out is backed by strong financial momentum. In the first half of FY26, revenue from power supply increased 26% year-on-year to ₹6,088.00 crore, while EBITDA from power supply grew 25% to ₹5,651.00 crore. The company maintains an industry-high margin of approximately 92%.

Financial Metric:	H1 FY26	Growth (YoY)
Revenue from Power Supply	₹6,088.00 cr	+26%
EBITDA from Power Supply	₹5,651.00 cr	+25%
EBITDA Margin	~92%	Industry-high

Strategic Expansion Beyond Khavda

Beyond Khavda, AGEL is expanding heavily into the energy storage segment, having announced plans to invest approximately ₹15,000.00 crore in two pumped storage projects totalling 2,700 MW in Assam. The company has set a 50 GW operational target by 2030, positioning itself as India's largest pure-play renewable generator and a key contributor to the country's non-fossil fuel capacity goals.