Energy · Profile from Energy Research Companion
Adani Green Energy
The Ahmedabad renewables developer, controlled by Gautam Adani's family, that grew from a 2015 subsidiary of Adani Enterprises into India's largest renewable generator by operating capacity — ~20.8 GW (20,763 MW) at 30 Sep 2026 across 12 states, 70% solar, 16% wind and 14% hybrid (company, 21 Oct 2026) — and is building the ~30 GW Khavda park on the salt desert of Kutch in Gujarat, the largest single renewables site announced anywhere (company claim). It is also the energy industry's clearest recent case of fast scale with governance risk: France's TotalEnergies bought ~19.75% in 2021 and stopped new funding on 25 Nov 2024; the Hindenburg short report (24 Jan 2023) wiped out much of the group's market value; and on 20 Nov 2024 US prosecutors in Brooklyn indicted Gautam Adani, his nephew Sagar Adani (AGEL executive director) and Vneet Jaain (AGEL's then managing director), alleging that ~$265m of bribes were promised to Indian officials to sell power from a solar contract and that US investors were misled when AGEL raised dollar debt. AGEL itself was not charged. In 2026 the US side unwound: the SEC civil case settled for $18m in penalties (reported; approved ~Aug 2026) and the Justice Department moved in May 2026 to dismiss the criminal case with prejudice (reported).
At a glance
- Founded
- Jan 2015 (incorporated as a subsidiary of Adani Enterprises, reported, verify date); demerged and listed on BSE and NSE 18 Jun 2018 (reported)
- Headquarters
- Ahmedabad, Gujarat, India
- Ownership / structure
- Listed (BSE/NSE: ADANIGREEN); promoter (Adani family) group holds the majority (~60%, reported, verify current); TotalEnergies ~19.75% (blueprint shared fact; current status verify); other holders include Abu Dhabi's IHC (invested 2022, reported) and US-based GQG Partners (bought into four Adani companies incl. AGEL, Mar 2023, reported)
- Leadership (2026)
- Gautam Adani (chairman); Sagar Adani (executive director); Amit Singh (CEO, reported, verify); Vneet Jaain served as MD until 2025 (reported, verify)
- Segment
- Renewables developer and independent power producer: utility-scale solar, wind, solar-wind hybrid, battery storage and pumped hydro (under development)
- Scale
- Operating 20,763 MW (30 Sep 2026; +24% y/y; 4,083 MW greenfield added in the year; 621 MW added in Q2 FY27); 6,632 MWh battery storage at Khavda (3,081 MWh added in Q2 FY27); H1 FY27 energy sales 25,747 million kWh (~25.7 TWh, +32%) (company, 21 Oct 2026). Target 50 GW by 2030 (company)
- Financials
- Q2 FY27 (Jul–Sep 2026) revenue from power supply ~INR 4,019 crore (~$0.45bn at ~INR 88–89/$, verify rate) and EBITDA ~INR 3,835 crore (+51%) per one set of reports; other reports give total income ~INR 4,520 crore and net profit ~INR 673–747 crore (sources conflict; verify against filing)
- Capacity basis
- AGEL reports capacity mostly in MWac (verify by asset); hybrid plants counted at contracted capacity
- Signature moves (incl. failures)
- Founding and Kamuthi (2015–16); the SECI manufacturing-linked tender (2020); TotalEnergies stake and JVs (2020–21); SB Energy India (2021); Hindenburg (2023, failure); Khavda (2023–); the US indictment and its 2026 settlement (2024–26, failure); the dollar-bond cancellation and Kenya fallout (2024, failure); the Sri Lanka wind exit (2025, failure)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2015
Founding and Kamuthi Solar
Founding / construction and commissioning / listing
2020
SECI Manufacturing Linked Tender
Offtake contract (auction award) tied to a manufacturing commitment
2021
SB Energy India Acquisition
Acquisition
2021
TotalEnergies Stake and JVs
Minority stake sale by the promoters / joint ventures (asset recycling)
2023
Hindenburg Report and Share Collapse
Short-seller attack / governance crisis (failure for shareholders)
2023
Khavda Renewable Energy Park
Construction and commissioning (multi-GW renewables park with storage)
2024
Dollar Bond Cancellation and Kenya Fallout
Financing failure / loss of international deals
2024
US Indictment and the 2026 Settlement
Regulatory or legal action (US criminal and civil securities case) — failure, later resolved without trial
2025
Sri Lanka Wind Exit
Market exit (failure of a cross-border project)