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]
Green bonds
In late 2019, AGEL became the first Indian company to offer investment-grade US dollar
green bonds worth US$362.5 million[22] to foreign investors.[23] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019[24] and it will mature on the same date in 2039.[25]
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.[26][27]
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).[28] AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.[29]
In early 2020, French energy company
Total S.A. entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[30][31]
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.[32]
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.[33][34][35][36] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[37][38] Adani denied the fraud allegations as unfounded and ill intentioned.