Adani Green Energy Ltd (AGEL) estimates that power curtailment due to transmission constraints reduced its potential earnings before interest, tax, depreciation and amortisation (EBITDA) by about ₹724 crore in the first half of FY27, as delays in a key transmission corridor at Gujarat’s Khavda renewable energy park restricted its ability to evacuate power.
“The total EBITDA during H1 FY27 was ₹8,276 crore. If curtailment would not have been there, this EBITDA would have been close to ₹9,000 crore,” Managing Director and Chief Executive Officer Ashish Khanna said during the company’s earnings call on Thursday. The company expects the impact to ease in the second half as it accelerates battery energy storage projects.
The key project is the Phase III, Part A transmission system, being developed by Adani Energy Solutions Ltd through Halvad Transmission Ltd. It is designed to evacuate an additional 7 gigawatts (GW) of renewable power from Khavda into the national grid. The project was initially scheduled for commissioning in December 2025.
A Western Region Power Committee report in March 2026 revised the expected completion to June 2026, citing delays in construction and right-of-way (RoW) issues. Right-of-way disputes arise when transmission developers face difficulties obtaining permission to install towers and string power lines across private or other land.
Khanna said the 7 GW corridor would provide the required General Network Access (GNA) capacity. GNA is the authorised access that allows a power generator to inject electricity into the interstate transmission network. “We have focused not only on getting the lines through—the 7 GW gives us the full GNA capacity—so the entire 7 GW is coming to us in that sense, and out of that existing curtailment will be removed, and plus we will be able to execute more on that capacity,” he said.
With the transmission corridor taking longer than expected, AGEL is stepping up battery storage deployment to reduce the amount of renewable electricity that goes unused. The company had installed 6,632 megawatt-hours (MWh) of battery storage capacity by September-end, including 3,081 MWh commissioned during the September quarter. It is targeting 10 gigawatt-hours (GWh) of installed capacity by the end of FY27 and expects to exceed that target.
“Our investment in BESS is also helping mitigate challenges at Khavda by providing greater flexibility in managing renewable energy generation and enabling utilisation of power that would have been otherwise wasted,” Khanna said. Battery storage can absorb surplus electricity when generation is high and release it later, helping improve the utilisation of renewable power. However, it cannot fully replace transmission capacity, particularly when the grid is unable to carry power out of a project location.
AGEL expects the faster rollout of storage to reduce the impact of curtailment in H2 FY27. The transmission delay also affects the pace at which AGEL can commission new projects. The company had initially targeted 4.5–5 GW of capacity additions by the end of the calendar year, but the timeline is now linked to the availability of the Phase III transmission corridor.
Khanna said the company was completing the balance of infrastructure at its end so that it could commission projects quickly once the transmission line became available. He remained confident of commissioning 4.5–5 GW if the corridor was ready by the end of the fourth quarter. AGEL had 20.76 GW of operational renewable energy capacity as of September 30, 2026, up 24 per cent year-on-year. Its longer-term target is to reach 50 GW by 2030.
Published on October 22, 2026
