Adani Green Energy’s wholly-owned subsidiary, Adani Green Energy Twenty Five B Limited, has entered into a Power Consumption Agreement (PCA) and a Tripartite Agreement to supply 20.8 MW of solar-wind hybrid power to Asahi India Glass Limited (AIS). The agreements were formalized as part of the company’s strategy to expand captive renewable power solutions in India. According to a regulatory filing, the power will be supplied from a hybrid project that includes a 25 MW solar power plant and a 20.8 MW wind power plant, both located at Khavda, Gujarat.
In addition to the PCA, Adani Green Energy Twenty Five B Limited and Adani Renewable Energy Holding Four Limited (AREH4L) signed an Investment Agreement with AIS on January 7, 2026. The agreement involves AREH4L, the Generator, and AIS as the Captive User. Under the PCA and the provisions of the Captive Rules, AIS has agreed to subscribe to a minimum of 26% of the proportionate equity share capital related to the Generator’s project. This subscription may be completed in one or more tranches to satisfy the Minimum Captive Shareholding requirement mandated by regulations.
The agreements allow AREH4L to appoint all directors to the generator’s board, while AIS retains the right to buy back its equity stake upon termination of the PCA, subject to approvals. These arrangements are structured in accordance with regulatory requirements and are not considered related-party transactions, as neither Adani Green Energy nor its subsidiaries hold any stake in AIS.
Ashish Khanna, CEO of Adani Green, highlighted during the company’s recent investor call that the Khavda project forms part of the group’s 7.1 GW portfolio of solar, wind, and hybrid assets, which includes 661 MW of projects already operational. He further explained that the hybrid project’s Capital Utilisation Factor (CUF) may vary slightly depending on solar-wind combination, weather conditions, and site location. Overall, wind performance has seen minimal changes, with variations of only a few basis points.
The Khavda hybrid project is a step toward Adani Green Energy’s broader goal of achieving a 50 GW renewable energy capacity by 2030 and reflects the company’s ongoing focus on expanding renewable energy generation through hybrid models that integrate solar and wind to optimize efficiency and reliability.
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