The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the Companies Act 2013.[9][10]
During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori, Madhya Pradesh.[11] Also, AGEL bought Inox Wind's 50 MW wind power project at Dayapar village in Kutch. The project was conceived by the latter when it won a Solar Energy Corporation of India's capacity bids for wind power projects connected to the National Grid.[12]
As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.[18]
In May 2020, AGEL won the world's largest solar bid worth $6 billion by the Solar Energy Corporation of India (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.[19][20]
In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]
According to media reports, The Khavda renewable energy plant was initiated in December 2022, and its first production occurred on December 31, 2023.The plant covers an area of 538 square kilometers. The hybrid renewable energy cluster generates solar energy during the day and wind energy in the evening, with an operational capacity of 2,000 MW of solar energy.[22][23]
Green bonds
In late 2019, AGEL became the first Indian company to offer investment-grade US dollar green bonds worth US$362.5 million[24] to foreign investors.[25] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019[26] and it will mature on the same date in 2039.[27]
Acquisitions
In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.[10] In 2019, AGEL acquired the rest 51 percent equity share as well.[28][29]
In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205MW located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx. ₹1,300 crores).[30] AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.[31]
In early 2020, French energy company Total (now TotalEnergies) entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[32][33][34]
In May 2021, AGEL acquired SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]
Controversies
Rajasthan Solar Park
Local farmers have opposed to construction of 1.5GW solar park at Pokhran after which High Court of Rajasthan has ordered status quo.[35]
Allegations of stock manipulation
In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.[36][37][38][39] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[40][41] Adani denied the fraud allegations as unfounded and ill intentioned.
