Hi. Good afternoon, everyone. Welcome to q one FY twenty six earnings call of Adani Green Energy Limited hosted by Macquarie. Without any further delay, I will hand over the mic to mister Viral Rahul, head of investor relations to start the proceedings. Viral, over to you.
Thank you, Vaiju. Very good afternoon to everyone. Thank you for joining us for the earnings call of q one FY twenty six today. We have with us mister Ashish Khanna. He's the CEO.
We have mister Saurav Shah, CFO. We also have mister Rajkumar Jain, head of business development. I I will now hand over to mister Ashish Khanna for a brief opening remark, which will be followed by q and a. Thank you.
Thank you, Bharat. Good afternoon, everyone. I'm excited to share the outstanding operational and financial performance of Adani Green Energy for the 2026. India has achieved 50% installed non fossil fuel energy capacity in its power mix, five years ahead of 2030 target.
This highlights India's effective climate action, strong policy momentum, and robust private sector execution. Surpassing a historic milestone of 15 gigawatt operational renewable energy capacity, and Adani Energy Green is proud to have held in accelerating the transition to clean energy. In q one f I twenty six, we added 1.6 gigawatt of greenfield renewable capacity, 4.9 gigawatt in the past year, a record achievement for India's renewable energy sector. With this 45% year on year increase, our operational capacity now stands at 15.8 gigawatt. This not only demonstrates our best in class project execution capabilities, but also reaffirms our position in India's as India's largest renewable energy company.
A major highlight has been our continued progress in developing world's largest renewable energy plant of 30 gigawatt at Kadha, Gujarat. As of June 2025, our operational capacity at Kadha stands at 5.6 gigawatt of solar, wind, and hybrid energy portfolios. Backed by robust capacity addition, Adani Green Energy achieved a record growth of 42% in its energy sales on year on year basis, reaching 10,500,000,000 units in the quarter. Coming to the financial performance. Our revenue from power supply increased by 31% year on year to rupees 3,312 crore, and EBITDA rose by 31% to 3,108 crore, delivering industry best EBITDA margin of 92.8%.
Cash profit surged by 25% to rupees 1,744 crores. This these exceptional results are a testament of our robust business model, exemplary project execution capabilities, consistent operational excellence with the deployment of advanced renewable energy technologies and digital solutions across our portfolio. Our operational excellence was recently recognized with the CII performance excellence awards 2025 for some of our plants. Our strategic selection of resource rich states like Kabha in Gujarat and other sites in Rajasthan have also helped in delivering strong operational performance. At Adani Green Energy, we are committed to environmental and social causes while upholding the highest governance standards.
The company has earned the top spot in FTSE Russell's ESG scores in the global alternative electricity subsector as well as earned recognition from Reuters Global Energy Transition Awards twenty twenty five held in New York. The company is also ranked first in Indian power sector by NSE sustainability ratings and crystal ESG ratings in the latest ESG assessments. With a comprehensive capital management framework, we ensure that our growth is fully funded for our 50 gigawatt target by 2030 while upholding strict credit discipline. In conclusion, Adani Green Energy remains steadfast in its commitment towards accelerating India's clean energy transition by consistently delivering affordable clean energy for all its with all its focus on execution at unprecedented scale and speed, operational excellence, and best in class governance. Thank you.
Thank you, sir. We'll now start with the q and a session. Participants, please use the raise hand feature to ask any questions. We'll just wait for a moment to question queue to assemble. We'll take the first question from Mohit Kumar. Mohit, please go ahead with your question.
Hey. Am I audible? Hi.
Yes. Please go ahead.
Yeah. Hi. Good afternoon, sir, and congratulations on a very good quarter. So my first question is on the on the on the cross block. Is it possible to share the cross block and run it a bit of the 15.8 gigawatt capacity?
So the current so the current cross block of the company is 89,000 crores approximately, and the run rate EBITDA for the for the q one, it is about 13,600 crores. And on a yearly basis, it will be about 17,000 crores.
17,000 crore for 15.8 gigawatt capacity. Am I right?
Yes.
Yes.
Understood, sir. My second question, sir, is it possible to sell the capacity commission in value term in q one FY twenty six? If I if I if I if I remember correctly, correctly, I think we restored 1.6 gigawatt. Correct?
1.6 gigawatt.
Yes.
For the current quarter, yes. We did 1.6 gigawatt.
And is but you share the capacity commission in terms of value rupees crore?
So are you meaning it for revenue, or
you mean In terms of in terms of
the CapEx.
Of the what are
the So the CapEx, see, generally, our CapEx is, in the range of for the solar, it is always four and a half crores for wind 86 and a half crores. So the current CapEx for the current year booking was about $6,500
for the current quarter.
Understood. My one clarification on the on the accounting side. Yeah. The associate income, I think you've booked up we booked in this quarter of $1.01 1 crore.
Yes.
Is it primarily due to Mundra Green Mundra Technology, that solar manufacturer?
It's Mundra Solar Energy Limited where we have 25% stake within that company. So whatever that profits they generate, we get a 25% share of this.
But that's that's the only that's the only thing which is driving the associate income. Right?
So this is the two gigawatt manufacturing capacity, which was set up under the PPL, which was basically linked to manufacturing.
Mhmm. But that that's the only thing. Right? There's nothing else. Correct?
Only thing. Yeah.
My last question, sir, I think we have given the target of five gigawatt in this in this in this system. And I think if if I'm not wrong, I think next year, are also expecting five gigawatt. Right? Given the fact that the all the most of the capacity are coming in, do you see any transmission challenges which are coming up, which are which which are which will which are causing some challenges in in commissioning these capacities?
You know, it's a valid point, Mohit. I think it is very difficult to tie both the things, your capacities with the transmission capacities. There will be always some lag of a of a weeks or months in that process. Having said that, in the current context, yes, there is a little bit of a of a challenge coming from carbon evacuation. However, having said that, it's hardly less than 5% of our EBITDA margins as we speak.
We are very closely monitoring and supporting to a large extent how these evacuation from Kalda is coming up. And I and we do believe that this fiscal year and much before that, there will be there will be enough evacuation for us to evacuate everything. So we don't foresee a a big challenge in the coming quarters, but, yes, few weeks here and there can always be an overlap in this process. Good part is that, if you look at in the q two, most of what is going to be back with it will be rain more than the solar. And, hence, that daytime challenge is also mitigated from that standpoint.
Understood, sir. Thank you, all the best. Thank you.
Thank you.
You. We will take the next question from Siddant k. Siddant, please go ahead.
Am I audible? Please. Yeah. Good morning, sir. So my first question is regarding the solar c CUF capacity utilization.
Like, in this quarter, we were close to 28%. But in the earlier presentations, we had mentioned that it was 32% at the Kavda region. So the lower CUF this quarter is due to the early monsoon.
I think, you see, Carta has the distinction of of one of the best traditions possible, and so our CERs there is always high. As and when the proportion of Carta in the overall portfolio is going to increase, you will appreciate more and more COF coming on the higher side in our overall portfolio. So currently, since it's only one third of it, you will you will find that it is much lower than the top end. Okay.
So for the full year projection, what should be the solar COFB? Like, in what will be the range?
I think it I think it will more or less stay with a few percentile points above it because of a kind of you know, know, more and more capacities are going to come out there. So we will have on the increasing side.
So on a conservative basis, it's so on a conservative basis, try to assume 28%, like, overall
Of course. Of course. Of course.
And so my second question is regarding the merchant price. Like, what is the average merchant price that we sold for the quarter?
We on a solar side, our average is 2.2, but the wind has been nominally good.
5.7. 5.7 on the wind.
5.7 on the wind, 2.2 on the solar. And so how how is this trajectory going forward? Because the merchant price has come down a lot for the solar So what is the trend that we are seeing for the upcoming quarters?
This is a test. Sorry. There is some question coming up. Sorry. You can you repeat your question?
Yeah. So, like, the trend for the solar merchant prices have gone down sharply. So going forward, like, what are we projecting or how is the trend moving forward for the next two, three quarters? Will it stay around two, two point five, or are we seeing any uptick?
You see, it is you know, the merchant prices are always very volatile. We are not in the market of predicting the prices which comes across. Having said that, our strategy is very clear. Almost all our capacities, majority are on the front. And so and the other advantage which we have is that if we have some merchant capacity which are primarily coming because we are ahead of our PPAs, and we are selling that capacity as a merchant.
So that becomes a add on to our overall financial model. So that's an advantage to us. But to be frank to you, to predict how the prices will pan out in future, it is very it it remains volatile. We do expect last year, it has improved in the later part of the day. There have been pre monsoon this this time, which has impacted certain solar prices.
And then because of operations in Dutu, there has been certain curtailment which which we have experienced. But like I said, this is too small a window to then predict how the year will pan out on this. But we are today steadfast in our strategy towards investing more on or building more on the PPA part. And when our capacities come early, sell them on the merchant because that becomes an add on.
Right. And so going forward, sir, like, we have three and a half gigawatt of, like, approximate target for this year. So when can we expect, like, both in q two or at q three?
See, we are on track. If you see on a five gigawatt one, we have already done around one third, which is expected from the next three quarters. So if you ask me, we are very well track we're on track for this particular capacities. You will be there with us after three months, and we will share with you what we have added in the next q two.
Sure, sir. So just a clarity on the ISTS waiver parts support. How exactly does this affect being a renewable generator? And this like, will we increase the tariff prices because of this?
It's good to say. You know, we are not in the market of forecasting tariffs per se. All of us were aware of the fact that this particular ISTS is going on is going to be off from the first option. And And I I think think we all have built our strategies based on that particular part. And ISTS has not gone off full.
It still remains 75% remains. Only 25% have gone off on this. We don't foresee a major change in the market pricing in near future. Let's see how it pans out in in the longer term. Raj, you want to add something?
Yeah. Sure. I think what's important is we have very certain capacities, which was part of our merchant portfolio until June. So there obviously, there there is a higher advantages of those capacities. So we could secure that for our portfolio.
As Ashish mentioned, the the taper down is on in a in a time bound manner of three years where today, the taper down is by 25%. So there would be some more merchant capacities we are adding now. So these are valued in the market better than the capacity which will come later. So we have that advantage. That advantage is realized when we do contracts with the parties because, ultimately, they are supposed to pay the cost.
So you will see some of those these capacities getting advantage in the market.
Right, sir. And so just to the line item on the sales of equipment, so what exactly are we selling in this?
So, see, from for the sale of equipments that we do, it is mainly from from the from a stand alone perspective, it is a sale to the various subsidiaries that are there. And on a console basis, it is more to do with certain group companies where we are doing certain projects for them. On their behalf, there are certain kinds of sales that happens to them.
Okay. Thank you so much.
But that is not having any major margin or any impact on the p n l s. Yeah.
Alright, Shah. Thank you so much, and all the best.
Thanks, Sadat.
Thank you. We'll take the next question from Sabri Hazarika. Sir, please go ahead with your question.
Yeah. Good afternoon, and, congratulations on a good set of numbers. So so I have, I have two questions. Firstly, this, merchant and inform, that is, mostly wind only. Right?
I mean, the sale of power of around 2,000 units, a million units. So that is mostly wind or or what would the segregation like?
Oh, it's a it's a mix of solar and wind both, and it is also pre COD power for some of our PPAs. So what we do is, obviously, there are, transmission, connectivity deadlines. We commissioned the projects much ahead of that and see that our returns in those particular projects are enhanced because of this early commissioning of projects, which are not necessarily baked in when we do the bidding. So that we are adding that much value. So there is revenue coming from those projects, plus we have pure play merchant projects where we have multiple optionalities for future. There is revenue to that. So it's predominantly solar, if you ask me, because the the ratio of projects which has a COD later is they are significantly baked into this number. On a core merchant strategy, yes, you are right, that it is tilting towards more windage projects actually taking the shape of merchant revenue, in proportions more.
Okay. And and, regarding your, win, I think the CUFS also, like, probably one of the best. So how how are you seeing the win cycle currently around Kharagua? Do you think that we would be at a higher level compared to what it has been for the past one year, one one and a half years?
Samir, it is very difficult to predict when. Like, this time, we have seen if you look at it from a from India's standpoint, we have witnessed that the wind at Rajasthan was at a lower level than the wind at Kala now. And since we have the better machines and 5.2 megawatt capacities, which are the largest in the country, of course, our our CEO has been the best one can imagine on this. We do foresee, and we do expect that the forthcoming wins that is going to help us. But if you are asking us to predict the win, then it is difficult for us.
But, yes, when the win will come, our CF will remain the best as they have been showcased in the last quarter.
Right. So second question is on your other expenditure. So there has been I think the foreign exchange part, I think you've clubbed it in one of the expense side. So so this 300 crore is basically what what could be the adjustments?
Is it foreign exchange or something else is also there?
I don't Where are you seeing that adjustment? Sabri, if you can just guide me, I'll be able to then answer you.
I think I mean, you have that foreign exchange gain and loss, I think, which is part of finance cost. Right?
Yeah. So see, there is there are two parts to it. There is a foreign exchange gain loss, which is either shown in the part of other income, which is there as a gain in this quarter, very small number. In case of the for finance cost, that foreign exchange is basically the hedging cost that we pay plus whatever the ERD that we have to value the the loans which are as ECVs in terms of those valuation fair valuation that we do at the end of the quarter, whatever the unrealized gain loss that occurs is also part of the finance cost in that case.
So the representation basically has changed to make it very clear whatever is attributable to finance cost is now part of the finance cost only.
Right. Got it. And and this increase in other expenditures, basically, because of increase in capacity and increase
in Yeah.
So that's proportionately based on the point in expense that goes up because of the capacity increase and various other expenses which are part of the capacities rising due to that.
Right. Secondly, in I mean, we have this we are we we are amidst this high mount monsoon season, but have we seen any kind of, like not have you seen any kind of similar experience what we faced last year, or we are, like, much better off this time?
I don't know what you are what you mean by much better or similar experience. Yes. We have seen monsoon in the past, and monsoon is again here today. It has its own, I would say, impact, especially on other. May not be to the same extent that our Rajasthan site.
We are well prepared, much better prepared this time from the monsoon for the monsoon, but, yes, it is still going on. I would I would like to be to be there in the next call for you to actually share with you how better we were placed this time. It also depends on the furry of the monsoon, its impact on it till early days. But, yes, to reassure you, we we we were and we are much better placed this time from the lessons which we have of the last time, especially in Canada.
Just to add, so last time, if you remember, across India, the monsoon had extended by about a month or so. This time, we'll have to see what happens. But, I mean, normally, these occurrences don't happen, but let's see what happens.
Yeah.
But from our side, we we are better prepared. Let me reassure you on that part.
Right, sir. Thank you so much for the detailed explanation and all the best.
Thank you, Savi.
Thank you. We'll take the next question from Mahesh Patel. Sir, please go ahead with your question.
Hello? Am I audible?
Yes. Please go ahead.
Yeah. Sir, my first question is on the growth of energy sales. If we see that is around 42% in this quarter, Y o Y. However, the revenue growth is around 30%. So just wanted to understand, and since we have sold, I think, more than 40% in merchant market, so is this because solely because of that, the lower merchant prices?
Yes. Predominantly, you can attribute it to it. Right?
So as we earlier said, so merchant prices are fairly volatile, and it is basically part of the business case when you talk about the offline merchant. So we have two parts. 50% of it, basically, the offline merchant and 50% is informed revenue. So the informed revenue where we are sold on merchant markets, it is basically the pre COD revenue before commercial operation date. So that entire revenue is incremental to whatever, basically, we were going to earn under a PP of twenty five years.
So it is basically an incremental to the return that we were going to make on PP otherwise. Second part, the per merchant, revenues, as I said, it is volatile. Q '1, it has been less because of this, the monsoon arrive arriving early, and possibly the things could change in the later quarters. So it is always volatile. So you can't really, attribute something.
Second part, also, the PPs the new PPs that we are implementing, gradually over the many years, the tariffs have gone down, and that is because of the technology evolution and CapEx going down. So the return expectations on the PPAs remain the same, but the tariff trajectory is down, the and CapEx is also down. So these are the combination of reasons because of which it appears so. But from a return expectation standpoint, we're not really compromising anyway.
And if I can add on, Rahul, you know, since the merchant rates for the win are much better, and this is a this is a time for a better wins in India, we do expect that in this particular quarter with more and more win going into the merchant with a higher rate. The proportion would be much better.
So just to, again, quote merchant win decide, the tariff is almost 5.7, which is a good tariff, I would say.
And sorry. Just add more and especially with our CUF, things will be much better.
Got it. Thank you. So my second question is on the on because of this early monsoon on certain since there was this solar overcapacity. So was there any back down due to the grid during particularly during the peak solar hours that we have faced in this quarter?
Yeah. We we did mention earlier too. There have been certain backgrounds with respect to creative acquisitions, especially some reason. But at the current level, it is I think it is less than the 5% of our EBITDA margins as such. And I think we had a detailed discussion.
I can say our explanation on how the evacuation capacities are going to come and how we are mapping them and monitoring them so closely in that particular manner. And like I said, since in this particular quarter, the solar would be relatively less and the wind could be high, we do believe and because of the timings of the wind, are generally more in the evening hours and in the morning hours, We don't expect that much impact on the wind part of it, and solar in any case would be lesser than the last year.
So I'll just add one more thing, Mahesh, in this is, you know, the way transmission works in India, when a capacity is given, transmission connectivity, it is given with five, six elements. So suppose in Khabra, we are asking for connectivity, it will be given us given to us for, say, 1,500, 2,000, or 3,000 megawatts with certain elements. We are supposed to build the capacity of that much capacity by that date. Okay. So one fine day, everything is available.
Prior to that, some lesser amount of evacuation is available. So that's the nature of transmission. Now that would obviously mean that I will set up the capacities prior to that period or in a gradual pace, and I may see certain kind of lesser capacity available in the system than what would be required for the overall number. And that is the reason you see this two to three months plus minus happening and some kind of curtailment or greater limitation coming in. But that's the nature of the way industry works, especially for people who want to finish things prior to their dates.
So that's how it may happen. Sometimes we are lucky, and the systems has some redundant capacities, which allows us to push an entire thing even though the full transcription has not come in. So these are the things which we plan much ahead, and we know what's happening, what's happening on each element, and what kind of evacuation we will see. So we know it what is happening, and we try to see that our capacities are aligned in a manner where we do not see big risk in this.
And just to clarify, this is primarily basically pertaining to merchant and info, not with respect to your regular PPAs. Yes.
And, again, let me let me assure you that the way we are monitoring it, it is not the matter of years or things like that. The capacities are coming, and we are closely monitoring to it. It's a matter of weeks or months. Nothing more than that.
Okay, sir. Got it. And, sir, one more question on the bidding strategy and the pipeline. So do you see any major tenders like the five gigawatt from Maharashtra last year? Anything in the pipeline, and what would be our bidding strategy going forward since we already have, I think, close to 33 gigawatt of, you know, logged in capacity?
Yeah. So, obviously, we look at continuously look at what are the evolving opportunities in the market. The milestone one was a great tender for us to win, and we could get that as part of our PPA pipeline or under construction projects. It adds significant value to what we have in our portfolio. We would continue to look at opportunities where we can get that additional delta or alpha for our stakeholders.
That has remained our strategy. If you see all the projects which we have won in the last few months or quarters are actually significantly value accretive in terms of what tariffs which we have got and the and the way we are planning to them to execute. So we can just look at that and we are there in market for certain projects where we make this additional build.
And if I can add, so on this on this what Raj is saying, you see, you look at it, our overall target of 50 gigawatt and if if we if we map our current portfolio. So we don't need to be very hungry and go, you know, very aggressive on the tenders. We choose the tenders which gives us the predictable and better returns. On overall scheme of things, we are currently as as you know, it's 15.8 gigs on our operations. We we have more or less 16 gigs on under execution right now.
And the recent tenders which have one is another five gigawatt out there. So if you look at it with the whole overall portfolio and our target of 50 gigawatts, we have to be selective where we get the decent returns as per our benchmark. And more importantly is then execute in a manner which gives us the return which are required for it. So it's not only just winning. It is also the matter that you win, then you execute, and then you get the returns.
And that's our overall strategy for it. And that's why we are not desperate. We pick what where we feel is the best place for us.
Got it, sir. Sir, one last question. Out of this, around 33 gigawatt of, you know, logged in capacity that we have, what what is the capacity that is tied up under PP if you have that number?
Yeah. Yeah. We have so in the 33, you are in the no. But I I talked about 36 and a half in total, is coming across. More than that, 31 and a half is what is currently with the PPA.
If you total what I have told you, it it will total to around 36 and a half. Like I said, thirty thirty one and a half of it is under PPA.
And remaining is for merchant purpose. Right?
Mhmm. Remaining is for the merchant purpose. Yeah. Which can go under a PPS with the C and I segment too.
Okay. Okay. And, sir, this running total JV, how much capacity is operational and how much is in pipeline right now?
So total 4.5 gigawatt PPA we have. And out of that, roughly four gigawatt is operational right now in the JV.
Okay, sir. Thank you. Thank you, sir. Thank you so much. That's it from me.
Thanks. Thanks.
Thank you. We'll take the next question from Puneet Gulati. Puneet, please go ahead with your question.
Yeah. Thank you so much. My first question is, you know, we are not seeing you in the FDRE market. You're there in wind, solar, hybrid. Is there anything we should read into that?
No. I I think we just said that we are very selective in what we do, and we want to see tenders where we we know that the tires would happen, and we would make returns better than what market is making. So all of those are the considerations where we choose what we where we want to be. We are in some FDI tenders where the storage is there. So, it depends on the tender tender.
But, yes, we have our own strategy about participating and winning some tenants.
And also any thoughts about adding battery to your currently merchant capacity?
Oh, yes. Anita, we are evaluating all ops right now. We have a strategy in place. You will hear from us about it. I don't think so.
This is a platform for us to declare our overall strategy. But, yes, we are very seriously looking towards it. We have plans towards it At a very appropriate time, you will also hear in overall context of it. But please be reassured on that part. We are a Danish.
We do things at a scale and at a level and at a time, which is most appropriate for us from the return standpoint.
Understood. And lastly, you talked about, you know, revenue from early commissioning of projects. Our understanding was that thing thing was now done away. You can't early commission. Is there some projects for which there there have been some exemptions?
So it it really depends on the PPAs and and how the when are we actually commissioning and what are the conditions of such commissioning when we are commissioning them. So I think that's what I was alluding to you earlier is that if my transmission elements are still not there, I'm commissioning capacities, Then there are certain cases where I am able to do this pre COD power. Obviously, it is dependent on the buying party, how they look at it, how would they what how what kind of conditions they want to put up for that purchase. So it depends on PPA to PPA. What we are telling you is that we have significant capacities which where we have been able to achieve this and where we are supplying that power on a
PCOD basis, including, in some cases, to the PPA counterparty also. In both the cases, obviously, it adds revenue to the already without number or without returns, which we had. So it's an additional earning which we added.
So, Puneet, there is there is no debar on this, if I can if I can add on it. PPA has certain stipulations under which you cancel, but you are right. It is not by default that you can sell it on budget. You have to take certain approvals by both the parties, but it's a part of the agreement. And you follow those, procedures, take the requisite approvals, and then do, you one can, not only us, but anyone can sell that.
And and this is only where your transmission is not up?
Predominantly.
Yes.
And and if you can explain me the mechanics here, how how does that work? If transmission is not up, how are you able to sell on the ISTS merchant?
I think, actually, we can take this up separately, how the relations and rules are and how the PPA construct is separately. Probably not that for this particular call.
Oh, sure. Separate.
Yeah.
Okay. That's fine. Great. Thank you so much. Yeah.
Thank you. We'll take the next question from Siddharth k. Siddharth, please go ahead with your question.
Sir, can you tell us what is the gross debt levels for the quarter, and what was the borrowing cost?
So the gross debt for as on the as on thirtieth June is 78,000 crores, and the borrowing cost is generally the range is 9.1 to 9.2% for us.
And for the full year, are we expect expecting it to come down?
No. Gross debt will not come down
for sure
because of the
capacity additions that the the borrowing cost, yes, we are looking to refinance certain portion of our assets. So from that aspect, we will keep on looking at it from that perspective. See, as such, because we keep on adding new construction also, so that it will not be coming down very drastically. But, yes, there we we keep on evaluating and looking at how refinancing takes place and thereby reduce the cost to whatever extent we can from the existing operating projects.
Okay. It was 9.1%, right, for
the quarter? Yeah.
So regarding the merchant price you mentioned, it was 2.2 for solar and 5.7 for the wind. What was the prices last quarter?
This is for the last quarter. The actual realization
for q one. No. No. He's asking for q four.
Q four.
Yeah. So see, on a what happens is that the premium merchant prices generally for q three and q four are generally a bit lower. So it was in the range of about 4.7 or something in wind. And for solar, it was near to 3
rupees per above 3 in the q four of last year. And so that's where I think it's more seasonal, and you would you need to see full year trends before making a view around how the prices would be. Obviously, we continuously monitor what are the and supply sources for the power as well as how the weather patterns are emerging. But at the same time, it is something which is volatile. And and that's part of the business strategy when we say that we want to do certain capacity on the merchant side.
And let me add on this, Siddharth, for you. I think we should not be looking at these prices on a quarterly basis because there is a strategic intent for the whole year. We will definitely realize that India's requirement of power, renewable power, it has its own cycles of pluses and minuses on it. So why why the solar was a bit higher in the last quarter and why it is coming? It is pretty obvious that you have more solar which will be generated in this particular quarter, which will not be the case in the future quarters too.
So while your question is valid, but you will appreciate that one one look at it as a merchant with respect to solar and wind, one have to look at it for the whole year on an average rather than on a very specific period of time.
Right, sir. Thank you so much.
Thank you. We'll take the next question from Anuj Upadhyay. Anuj, please go ahead with your question.
Anuj, we cannot hear you if you are.
Arun, we're not able to hear you.
Anuj, please go ahead with your question. Your line has been Am I
Am I audible?
Yes. Yes. You're audible now.
Yes. Yes. Okay. Sorry. Thanks for the opportunity.
Sir, Sir, could you just elaborate on the two PSP projects in the Andhra Pradesh, which has been canceled, you know, but, Kurugoti and the Karival's PSP project? And, would this cancellation have any kind of an impact on our targeted five gigawatt of PSP edition by FY thirty thirty one?
So, that does not, to be very clear, that does not impact our five gigawatt of PSP editions. We have significantly more, pipelines in terms of the opportunities which for which we look at execution even beyond f y thirty and as well as as upsides to our current plan of five gigawatt. We evaluate multiple capacities, and that's how something will come in and something will go out based based on the scenarios.
Just to add. So from our side, we have only declared twelve fifty megawatt of PSP, which is for UP, PCL, which is what we have won. And we have also announced 500 megawatt where we began construction in Andhra Pradesh. So there are multiple evaluations which keep on happening.
So we I think you have to take it into consideration only when announce it and when we have reached a particular stage on that.
Okay. Fine. But only thing is, see, this five gigawatt or the other potentials definitely is on card, but it's on the timeline which I'm worried about.
So I think I think, let me be very clear. The five gigawatt which we have announced, and we made it very clear last time also that when we announced the capacity, those are there is from all these considerations. Okay. So those projects which we have announced are completely identified. They have made their own progress, whether it it is in terms of approvals, land rights, etcetera, etcetera. So nothing of that is impacted.
Fair point, sir. So those five gigawatt will come back at thirty thirty one kind of a Yes.
There is no change in any of that. Yeah.
Great.
Great, sir. And second yep. Thank you, Sam. And second is that are we paying any kind of labor issues in terms of execution? We have been hearing across other players as well where labor availability is a concern, whether it's on the EPC front for the IPP level or an evacuation on the transmission side.
So are we facing similar kind of an issue at Kabada as well? And if it yes, what measures are we taking to address it?
Thanks, Anuj. I think you have you have to appreciate the fact that when you are when someone has an aspiration to grow at this level and build a project like Huddl, the good part is that for us and as well as for the labors, you have next five year horizon available with them. Important factor if you look at it is this transition from one project to the other. It's not that the labor is not available in this country. So if like, what we have done is that we have created infrastructure for them.
Our labor colony is is the best equipped. We we have created infrastructure. We are giving them the facilities. So and they don't have to move on from x to y. Typically, in a solar plant, you look at, the challenge is that you build that solar plant in nine months time.
And then, again, they have to move from x to y area. The best part about a place like Kava is that we are there for next five years for 30 gigawatt. Having created that infrastructure, having given them the facilities, I would really request and suggest, please come to Carta and look at the way we are supporting and facilitating this labor to stay, to play, having the best food for them and all the other infrastructure which we have created for them. I think having the run rate, having we don't even call our contractors contractors. We call them partners.
So taking care of the partners who are then taking care of the labor, and we are ensuring that their medical facilities, their what they are eating, where they are working, all of them are being really above par from any other competitor or what you see in a solar segment in this country. And that's why I think we we have been able to achieve what others take a year to build to do it in a quarter. And I think the contribution and the goals primarily to the people who are working there, our team, our partners, and predominantly the labor. Plus, the way we are taking care of the tools and technology for them, which makes their life much better when they are utilizing those automated tools while they are working out there. So there is a lot which we are which we are doing at the current intent, and I think there is a lot more which we intend to do as we grow further at at that particular area.
But that's one of the reason of what we have been able to achieve so far is because of taking care of our labor with the intent and the content that I shared with you.
Thank you for this, Aranip. The last one, just want to check on how the DCS self efficiencies are working on. You know, we are also hearing, from many other IPPs or developers that, the d c, the DCS cells are not up to the mark in terms of the efficiency, which is we see across the imported cells. So would higher implementation of these years going ahead would have any kind of an impact on the targeted efficiency or the generation which we have set aside for our projects?
I think the it's a question you know, currently, we we don't have those in our portfolio what we are generating right now, especially in Canada and whatever we are executing. So it's a hypothetical question for us. But believe me, from a group where we are, the focus which is given on quality, I personally will not subscribe to this fact that the DCR products will be anywhere lower in their performance than anyone else. You may say that our cost of DCR may be on the higher side. But for me to comment that the performance will be on the lower side, I will not personally subscribe to it with my past experience.
But having said that in the current in the current context, we don't have that experience. We're not right on my part to comment on it.
Fair point. That's helpful, thanks.
Thank you, Anuj.
Thank you. Just a reminder to participants to use the raise hand feature to ask any questions. We'll take the next question from Siddharth K. Siddharth, please go ahead with your question.
Hi. Hi, sir. Thank you. Thanks for the opportunity. And first of all, congratulations, on great set of numbers.
So while going through the, earnings presentation, where I saw the WinCF, which was at 42.3%, which is a very strong number. So was it because of the early on onset of monsoon? Because in monsoon, we usually see, you know, higher CF. And, also, the plant availability factor was at 95.5%. So this COF of port 2.3%, was it factoring the plant availability factor, or it's it's the total number? Like okay. It's the total total COF.
Yeah. So I think it is first of all, I would not say that CUF that has has been only because of the early in statement of concept. I think, like, we have been saying, and I I also made it clear at our opening statement that these sites were chosen, and we are have we are very happy for what we have chosen to be where where we are building, what we are building. And what is coming out is is the predictable model, which is now coming as a reality. As well as your phone question about availability to the CF is concerned, yes, you have do take into consideration the availability factor in place, and and that's where we are.
You also have to appreciate the fact that in in q one, the availability also goes low because you have a six months maintenance schedule for many of our turbines. You know? These are these are the new turbines, and you have those predictable schedule too as well as preventive maintenance is concerned, which also impact the overall availability in that particular quarter. We have to be ready for the hybrid seasons per se.
Okay. So if if this is adjusted this year fee adjusted for the availability factor, then the overall, like, next year would be much higher than this?
So, yes, it is adjusted for the availability factor. See, Ashish was telling is ahead of the monsoon season Mhmm. All wind turbines in the country has a practice of being overhauled so that they work on a much better basis in the real wind season, which comes in the monsoons. That's where you will see that availability in this period is slightly lower because it has a constant thing. Second, even the best benchmarks in case of wind because it is a moving equipment.
So turbines have an availability factor of 96 to nineties. 96 odd percent or 96 and a half odd percent for the full year because these are moving things and needs more maintenance than a solar plant where availability can be as good as what you see in our thing, which is around 100%. So that's what the thing is. Yes. Mathematically, if you had not taken any maintenance or upkeep kind of a a shutdown, yes, the number could have been higher.
Great. Great. Thank you, sir. Yeah. That's it from my side. Yeah.
Right. Thank you, Sudar. So just to answer, I'll a couple of questions from my end. First is on BESS, and I know you talked about it, but I just wanted to understand how you are thinking about this from a five year perspective, especially when there are other players who are quite aggressive on that front?
As we told you, we have a strategy in place. And and like I said, it's it's not a 50 meter run that we are making it across. For us, renewable is a long term perspective. We are pretty closely, we have looked into the technologies. We have looked into we are we are much better placed than most of the competitor if you see across with our capacities across India, with the way we our plants are performing.
And I'm only saying, hold on yourself. There is a strategy in place. There is a plan in place. And like I told you, at Adani, we do it at a speed and a scale which is unprecedented. We should be in a position to share with you in some time of it.
Understood, sir. Thank you. Secondly, I wanted to know your thoughts on renewable energy demand from data centers, and just wanted to understand how discussions are going on with these players, especially MNCs, and what kind of contracts you're getting into, and what kind of growth runway you see in that area. Area?
Yeah. Sure. So that's a pretty interesting market. And with the the with the way data is being now posted in India for India's consumption as well as the new AI demand as well as the focus of some of these data centers to actually have green power. It's a a significant opportunity for us, and that's where you see, in our overall mix for FY thirty.
We have said that, 25% of our capacities will be seeing some of these kind of markets. So it's pretty much part of our focus area as a potential source of off take. And there is a keen interest from the from the some of these data centers.
Right, sir. And the contract should be long term, or do they prefer to procure on spot basis?
So it depends on the buyer and the seller. A lot of these guys want to do a ten year contract or a fifteen year contract because that's kind of a visibility you may see in their own industry. Obviously, the risk adjusted value, comes to both the sides, needs to reflect that, and that's what happens in some of these contracts. So spot market is obviously and there's nothing as a contract. They will secure some short supplies.
We are there in that market as well. The pricing reflects the val the the tenant in that case. So all of that is something which is which is a a trade of a b to b market. So I think as a company, we are ready to take that exposure, and that's where we are saying that 25% of the capacity will be available in the merchant exposure, c and I, CFDs, or mixed hybrid contracts.
Sure. Understood. Very helpful. So last question from we have written in the chat box. It says, can you please comment on the quarterly swings in the NCI line?
How of the NCI capacity is yet to be commissioned and any timelines for the same?
So see, out of 4,500 capacity with total in as a joint venture, about 4,000 or capacity has already been commissioned. And another another 500 is in pipeline to be commissioned by next six months to one year. So after that, that swing from that perspective should be minimal except for the distributions then the other things that
Just to make it clear, see, the way a renewable profile works is that your profits will keep on increasing as you go towards end of the project life because your interest cost initially is higher and it keeps on reducing. So that trend will be followed. But other than that, the four and a half year old portfolio that we have under the JV, that will have a, basically, a stable kind of a Yeah. EBITDA, at least, I would say. That will keep on changing.
Thank you, sir. That would be it. Over to you for any closing remarks.
I think it's thank you, everyone. Really appreciate your interest in our organization and the support which you have been providing to us. I think we we're very happy what we have achieved in the q one, and and I think the team is committed to take it further on our overall target, which we have shared with you about five gigawatt. We are on track of it with the predictable returns from our side. Thank you so much for joining us.
Thank you very much. Feel free to touch base with us for any further questions. Thank you, Baiju and Macquarie team for organizing this call. Thank you.