Adani Power in top 80 percentile of global electric utilities in S&P Global CSA score

 

 

ADANI Power on Thursday said it has achieved an exceptional score of 67 (out of 100) in the corporate sustainability assessment (CSA) by global rating agency S&P Global for FY 2023-24. This compares to the sectoral average of 42 and Adani Power’s own FY23 score of 48. With this score, Adani Power Ltd (APL) is in the top 80 percentile of all global electric utilities. In several elements of CSA score like human rights, transparency and reporting, water, and waste and pollution, it is in the top 100 percentile. In three more – energy, occupational health and safety, and community relationship – it is in the 90 percentile or above category, said the company. The S&P Global CSA Score is the S&P Global ESG Score – a measure of a company’s performance and management of material ESG risks, opportunities, and impacts informed by a combination of its disclosures, media and stakeholder analysis - without any modelling approaches. APL’s S&P Global ESG Score is also 67.

 

“This remarkable achievement underscores APL’s steadfast commitment to sustainable practices and dedication to embedding Environmental, Social, and Governance (ESG) principles into its operations,” said the company. Adani Power has an installed thermal power capacity of 17,510 MW spread across 11 power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat. The Adani Group company reported 20 per cent growth (year-on-year) in continuing revenue at Rs 28,517 crore in the first half of this fiscal (HI FY25) and 10.8 per cent growth to Rs 13,465 crore in Q2 FY25. Continuing profit before tax (PBT) grew 69 per cent to Rs 8,020 crore in H1 FY25 and 44.8 per cent to Rs 3,537 crore in Q2 FY25. Consolidated power sale volume stood at 46 billion units (BU) in H1 FY25, up by 29.2 per cent from 35.6 BU in H1 FY24, due to improved power demand and higher operating capacity. 

 

 

ABU Dhabi’s International Holding Company (IHC), one of the largest sovereign funds that manages assets close to USD 100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate’s founder chairman Gautam Adani. “Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC, one of Adani group’s key foreign investors, said in a statement. “As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.” IHC had, in April 2022, invested about USD 500 million each in the renewables arm Adani Green Energy and power company Adani Transmission and a further USD 1 billion in the group’s flagship Adani Enterprises. Later, it sold its 1.26 per cent stake in AGEL and 1.41 per cent in ATL, now called Adani Energy Solutions Ltd, but hiked its stake in Adani Enterprises Ltd to over 5 per cent. The IHC statement comes soon after Adani group emphasised that its chairman and his aides have not been charged under the US Foreign Corrupt Practices Act but faced three other charges, including securities and wire fraud that are punishable with monetary fines. The US Department of Justice’s (US DoJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar or Vneet Jaain in any count related to conspiracy to violate the FCPA, AGEL - the firm at the heart of allegation of USD 265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could benefit bring in USD 2 billion of profits over 20 year period to the firm, had said in a filing to the stock exchange. The three, who are executives at AGEL, have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery.