Adani Green Energy Ltd, part of the Adani Group, said it expects one-time revenue of ₹103 crore from a favourable order received from the Tamil Nadu Electricity Regulatory Commission (TNERC) for its 72 MW solar project at Kamuthi.
In 2015, a power purchase agreement was signed with Tangedco for 25 years to procure power from the project at a rate of ₹7.01 per unit. In an order dated July 20, TNERC set aside Tangedco’s communication in September 2016, which sought segregation of the Adani Green’s Kamuthi Renewable Energy Ltd. 72 MW solar project into two: 25 MW and 47 MW, and pay a differential tariff of ₹7.01 per unit for the 25 MW and ₹5.01 per unit for the remaining 47 MW.
TNERC ruled that the entire 72 MW was commissioned before March 31, 2016 and is entitled to a tariff of ₹7.01 per unit. The ruling will result in a one-time upside of ₹103 crore and a recurring annual upside of ₹14 crore, Adani Green said in its first quarter FY-2024 earnings presentation on Monday.