Adani Electricity Mumbai Ltd (AEML) has financed its entire capital expenditure incurred in FY23, through internal accruals, a company statement said.
In a regulatory filing, Adani Transmission Ltd, the holding company of AEML, said that the entire capex of Rs.1,310 crore incurred by AEML in FY22 was financed through internal accruals, without incurring any debt.
AEML is a power distribution utility serving over 3 million customers across 400 sqm of the area in Mumbai and its suburbs. The Adani Group utility meets close to 2,000 MW of power demand with 99.99 percent reliability.
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AEML also said that the share of renewable energy (RE) in its power procurement has risen from just 3 percent to 30 percent, over the past two years. AEML has targeted to source 60 percent of its power purchase through RE sources, by 2027.
It may be recalled that AEML, in the Sustainability Linked Bond (SLB) issuance of July 2021 had committed that it would increase the share of RE procurement to 30 percent by March 2023.
Meanwhile, the regulatory asset base (RAB) of AEML rose from Rs.5,607 crore as of end-FY19 to Rs.7,479 crore in FY22, implying a compounded annual growth rate of 10.1 percent.
It may be mentioned that MERC has permitted the entire capitalization by AEML over the past three years.
