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Adani Green Energy Ltd
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Ladies and gentlemen, good day, and welcome to the Adani Green Energy Limited Q2 FY '23 Earnings Conference Call hosted by DAM Capital Advisors Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Mohit Kumar from DAM Capital. Thank you, and over to you, sir.
Thank you, Tanvi. On behalf of DAM Capital, we welcome everyone to Adani Energy Q2 Earnings FY'23 Conference Call. Let me introduce the participants from Adani Green on this call. We have Mr. Vneet Jaain, MD and CEO; Mr. Kaushal Shah, who has been the CFO at Adani Green for last 2 years and will now be taking up new responsibilities within the group; Mr. Phuntsok Wangyal, who is now going to take up the responsibilities as the new CFO at Adani Green. Also, we have Mr. Raj Kumar Jain, Head, Business Development; Mr. Viral Raval, Lead Investor Relations.
Let me hand over the call to Mr. Kaushal Shah for opening remarks, which will be followed by Q&A. Over to you, sir.
[Operator Instructions]
Can you hear me?
Yes, now.
Yes, we can.
Good morning, everyone. Mohit, thank you for introducing primarily the news you all are aware that we have Mr. Phuntsok Wangyal, a very experienced guy in this sector who was with the ENGIE India and has a great experience on the various fronts. So he will be taking over as the CFO of Adani Green, and I will be moving to some responsibility in the group.
Thank you for joining this call, and warm welcome to all of you for this earnings call for the half year ended September 30. We have already uploaded the earnings presentation on the website, and we hope that you would have sufficient time to go through the same.
Let me walk through the key highlights and the recent updates. So on a year-on-year basis, the operational capacity has increased by 24% to 6,724 megawatts in the first half of FY '23. And over and above, there is a partial commission capacity of 948 megawatt. So that in a due course will be announced as a COD.
So AGEL has developed India's first and world's largest solar wind hybrid power cluster with a capacity of 990 megawatts in Rajasthan and further commissioned the largest wind plant in Madhya Pradesh with a capacity of 325 megawatt. So this hybrid project is -- we are the first in the country to do this, and we have completed in time.
Now I shall brief you on some of the important achievement on the ESG front before I take over the operational matter. So AGEL has achieved sustainability ESG risk rating of low risk with a score of 14.6, which is the base amongst the key large global peers and significantly better than the global industry average of 33.5.
So as we keep telling every time that the group is focusing both on the environment, social and also on the base of the government practices. And this is one of the results of the same. And also AGEL has won CII's Climate Action Program, CAP 2.0, which is Committed award.
So -- and as you all are aware that all of our -- the operating plant is now already plastic-free. So in line with our commitment of various things for -- to be plastic-free by '24, but we have started already achieving this in the current year. So there is set processes already there.
Now let me brief you about the operational and financial performance. So solar portfolio, as you are aware, that improved by 110 bps year-on-year to 24.3%. And this is because of the integration of the high-quality SB Energy portfolio as well as high plant and grid availability of more than 99%.
Similarly, green portfolio, this is barring one-off issue we had, there is a 41% Wind CUF, which was there. So this is again a great achievement as far as the CUF and the availability is concerned. And this is the result of the continuous use of the new technology as we are implementing new projects.
The newly commissioned hybrid projects, which are there, which is -- which has deployed bifacial PV modules and horizontal Single-axis tracking technologically to capture maximum energy, and this has yielded almost 37% of the CUF. Now this is in the just beginning. We are just implementing in the last 3, 4 months. So -- and the grid availability always is 99%.
We keep continue telling that the focus is that all the projects are connected through the ENOC, and we extensively use the AI and ML to improve our -- the availability and CUF, both as we can monitor online all the plants sitting here at the headquarter in Ahmedabad. So some of you when you visit Ahmedabad, please let us know, we can show you live that this is a world-class facility, which we have created here.
Sale of energy has increased by 67% to 6,618 million units in this quarter, and then the revenue from the power supply has also increased by 45%. Cash profit has increased by 49% to almost close to INR 1,300 crores.
One of the important events, which has happened in this quarter, is Adani Green has received the favorable order from APTEL for 288 megawatt of solar plants at Kamuthi. Now the tariff, which originally was INR 7.01, which they were giving us at INR 5.10. So there is a difference of INR 568 crores as the past accrued income. And then recurring, we will be having INR 90 crores.
Just for the knowledge, this is an upside. We have not yet accounted in the books. DISCOM may go to the appeal. So as a conservative practice, we are not accounted, but we are very confident that we will get the favorable orders even if they go on the next level. So that's the thing.
A couple of questions, which are normally coming, is that since the hybrid projects were commissioned in a partial manner, we also have generated income power revenue of INR 1,312 crores in this first half. Now this is not part of my P&L. So friends, cash flow is already available with us, but this will reduce my CapEx. So that is the next update I want to give.
Another important development is on the receivable front. During first half, we have received almost INR 700-plus crores from Tamil Nadu and Telangana, and we are absolutely now more or less current on the receivable front and this has also improved the cash flow. The interest rate front also of -- some of the questions are coming that what is the impact.
So almost 76% of our portfolio is fixed currently. 11% of another portfolio, which is greenfield, where we have a 2-, 3-year cycle where there is no impact, and it will be fixed. So remaining 11% will be the variable, whereby the original rate was 8.5%, which is now 9%. So all in all, there is no material impact as far as the increase in the interest environment.
So this is all from my side. I'm happy to take your questions. Phuntsok is also there with me on the call. So -- and Vneet Ji and Raj Kumar Jain are also there. So over to you.
[Operator Instructions] The first question is from the line of Lavina Quadros from Jefferies.
I wanted to understand what are the challenges are you seeing today in terms of your capacity ramp-up plans. I mean I know you'll have enough land, but let's say is it module acquisition strategy because your earnings growth rate depends on that. So I just want to understand, is there any specific challenges you all are facing today?
So I think there are some grid-related delays, which we have seen, which has moved some of the CODs or commissioning by a few months, or in some cases, by a couple of quarters, which has led to a different COD profile than what we had earlier estimated. And that is where Mr. Kaushal Bhai just indicated that we also have additional capacities, which have been commissioned technically, but we are unable to do the COD. So some of this will fade away in terms of the COD capacities, which we will achieve in the near term. So that's one part of the growth profile, which you see.
Second, yes, the next level of capacities, which we see, would more come towards the mid to end of next financial year in terms of our execution plan. So you would see a significant ramp-up at that point in time in our COD/commissioning of a lot of capacity.
We are more or less, I would say, very comfortable on our procurement strategy for solar modules because we have a lot of PPAs where all of this is -- whatever duties are there in change-in-law. The last 1-year increase in the -- 1, 1.5-year increase in the module prices has not impacted us much because of our long-term strategy of procurement. So we are comfortable on that part. It is largely, I would say, some quarter end there just because of the way the transmission system builds up in India.
Okay. So mainly consumed by transmission versus any specific issues on the generation side, if I understand.
Yes. Yes. You're right. So in a nutshell, you would say it is the transmission system availability. And within that also, the completeness of the entire system, which has impacted we announcing the COD and which has not impacted us in terms of revenue because that -- in that case, because an infirm revenue and goes in the project cost. So no adverse impact on us. But yes, in terms of a headline number, yes, you are right that we had to push certain capacity by a couple of quarters in terms of our legal CODs.
Understood. Sir, and lastly, this whole green energy open access, the revised norms have just come up. How are you all looking at it? And what is the way forward? Are states actually implementing it? Or what's the update there mainly?
Yes. Sure. So it's a very good initiative by Government of India, and it is something, which was required for achieving the next level of growth in the green energy adoption by the country. So opening that for the private sector really helps. So you will see that a lot of new plants would be set up at the centralized ISCS-based plant. And it goes, in turn, through this green energy open access will supply to the consumers.
Now states would adopt it because it has come in very recently, 2 or 3 months. We have seen that some of the states are opting it. Even today, there is no restrictions per se for doing -- catering to a demand of up to 1 megawatt plus. So until then, there is no regulatory restrictions. We can straight away go and do it.
Some of the procedural things are being done, evolved like the portals are being created and all of that is happening. So this will help significantly in decarbonizing the industry, and we see elevated inquiries from our industry partners to make them green.
We are also looking at multiple opportunities within our own ecosystem to make that green. So this is a very welcome step towards growing the India's green footprint.
[Operator Instructions] The next question is from the line of Nikhil Abhyankar from DAM Capital.
Sir, recently, APTEL passed a judgement that you'll be able to charge INR 7.01 as tariff. So you have also booked a gain of INR 5.7. So is there any interest component on it? And when do we expect that you will start booking the revenue?
So yes, you're right that APTEL has given the judgment in our favor, rightly so. So as a conservative policy, we have not recognized any revenues or incomes unless and until we see finality. In this case, we are expecting that since the amount is large enough for the DISCOM, they are planning to go to Supreme Court under the appeal, but we don't see a merit in that case. So we believe that there will be an early disposition of the same in the Supreme Court. And once that happens, we'll be able to recognize revenue, along with the interest, because the interest is due as per the PPA to us. And so that will come to us.
Understood, sir. So this INR 7.01 tariff will be applicable to the entire power plant, right?
Yes, yes. The entire 648 megawatts will now move to INR 7.01. There were already more than 300-plus megawatt, which was already at INR 7.01. This takes the balance also to INR 7.01.
Understood. And sir, has the Tamil Nadu government opted for liquidity scheme? And has receivables reduced because of it?
No, they have not opted for the receivable scheme, but what we understand is -- sorry.
They have. They have opted for the scheme. And if you see in power case also, we got a lot of -- the revenue and the liquidity has come to us also. So in a nutshell, yes, they have opted for this.
Okay. And we have been a beneficiary as well?
Yes. So the good part is that we could receive a significant amount of our receivables liquidated even prior to adoption of the scheme. So the amount going into the scheme are lower in our case. And within that also, they have adopted the scheme. So for us, it is -- it has become a really good scheme that they have done this.
Okay, sir. Sir, and last question I have. Our wind portfolio -- the PLF for the wind portfolio has reduced substantially in this quarter as compared to Y-o-Y, and a similar trend has been observed in certain other companies as well. So can we just say that the wind season hasn't been that good?
So in our case, one specific case was there, which was 150-megawatt of our capacity, was not -- was down because of certain events, which led to our machines not running for that 150 megawatts. If we take out that, the wind season has been significantly better than the last year. And this has been an improving trend, and those are also reflected in our picture.
If you -- the initial part of our brief mentioned that we have been able to achieve 41% CUF, excluding this particular event. This 150 megawatt, we are -- we have resolved substantially. There are still some issues, but we are working to fix that.
[Operator Instructions] The next question is from the line of Apoorva Bahadur from Investec.
Sir, I wanted to understand with you on this C&I opportunity. Now do you intend to serve this out of Adani Green? Or will it be housed in ANIL, which is more for industrial decarbonization?
Yes. So see, the generating on for this particular piece of the energy transition is AGEL. Anything which comes in this space would be within AGEL. ANIL is largely focusing on green hydrogen and ecosystem around.
Okay. Okay. So that business opens up basically. And have you done any tie-ups as of now in this space? .
We are working extensively on that. There are a few things, which are on the verge of closures. So we will probably make declarations as the event comes.
Fair enough. Sir, next question is on our pump hydro foray. So we had signed a couple of MOUs, I think, over the last 2 quarters. So wanted to check if we have sort of finalized the business plans over there. What type of CapEx and the time lines?
Yes, you're right, we have been looking at this particular space very rigorously and because we believe this is an important space from the prospective to energy transition in the country and as more and more renewables are integrated. So we have signed MOUs. We are working on finalizing the investment plans around those MOUs and would be kickstarting the execution. The moment we reach to at that stage, we would obviously make relevant announcements.
Fair enough. Sir, next question is on this green bond framework, which was what recently notified by the government. Do you foresee this having any material impact in the cost of debt for green projects generally across India and specifically for AGEL?
So as you are aware that most of the new institution and there is specific funds dedicated on this particular green bond. So we see that the cost of borrowing will have a saving of at least 75 bps to 100 bps.
That's quite significant. And so that will be completely passed through to the players?
Correct.
And sir, any idea on the tenure of these bonds? For how long or duration will they be issued?
So typically, this can be in the range of around 7 years to 10 years.
Okay. And the onus of refinancing for this lies on the government?
Yes.
Very interesting. Sir, lastly, I think we have seen your carbon credit income growing over the last few quarters. So -- and I believe the company is also sort of setting up some sort of a fund or exchange on exploring the business further. So if you can throw some light on your plans over here and where do you see this revenue on a fully build-out portfolio, build-out basis, say 20 gigawatt?
Yes. Sure. So this has emerged as one of the key contributors to our revenue in the recent past. As you would understand, this is something, which is more a global phenomenon where a lot of players globally are looking for offset credit, and that's where this has happened. This is becoming a key focus area for us.
We believe that based on various assumptions you take, we can probably have on a fully built out basis close to $250 million to $260 million of revenue every year, but you would expect that this is based on multiple assumptions, and it has -- these assumptions have moved in multiple directions in the last few years.
Sir, I get your point. Sir, one last question, if I may, and this is on the revenue from sale of infirm power, right? We have been, I mean, commendably been able to sell some power at least until the consumer systems are not ready and the plant is not fully commissioned, but just wanted to understand how are we doing this as -- because a lot of our competitors actually struggled in securing open access for transmission, especially for plants, which have not been commissioned yet. So what does Adani Green as an institution as a practice does differently to ensure that its infirm power gets absorbed by the grid?
Yes. Sure. So I'm unable to talk about the competition, but at the same time, we monitor the open access elements, which are relevant for evacuation of our power, and ensure that our plants are not stranded even if some of the elements are not yet there. So if there are 5 elements, 4 elements are there or 3 elements are there, we are able to evacuate. So we plan our projects accordingly and able to take this benefit in our company, which I'm not sure why the competition is not able to foresee, but yes, we have been able to ensure that we don't have standard plants, at the same time save money.
[Operator Instructions] The next question is from the line of Nikhil Nigania from Alliance Bernstein.
My first question is on the 150-megawatt asset, which was stranded this quarter. So I wanted to understand it has been classified as a force majeure. So would the lost revenue recovered from the DISCOMs? .
Force majeure does not entitle recovery from DISCOM. It is something whereby our performance is excused under the contract. So that's the construct of force majeure major in India, and so is the case in those PPA. So yes, it is a onetime loss for us, to be very clear. Obviously, we have some contractual, I would say, recourse. But that, if -- whenever it comes, we are pursuing that, if at all, we can recover from vendors, that's what we will see, but not with the counterparty. So that's what it is.
Understood. My second question was on the capacity guidance. The operational capacity has risen this quarter. The guidance given in the previous call was 9 gigawatt -- close to 9 gigawatt operating capacity by the end of the financial year. Given the slowdown, which was highlighted in the call earlier, and even in terms of cash flows, we can see CapEx cash flows are lower than last year. So does the guidance will hold off 9 gigawatt operating capacity by the end of the financial year?
I think last time also, we have said in the call very clearly that it will be in the range of 8.3 to 8.5, depending on -- as highlighted in the earlier remarks that availability of the transmission line, other stuff. So maybe legal COD may not be there, but we are expecting that the year-end should be in the range of around 8,300 to 8,500.
My other question was on the dollar bond. So as we can see for many peers, including competition as well as for Adani Green, the dollar bond yields have shot up recently, especially the HoldCo bond of Adani Green are at yields -- they had crossed more than 20% are now back in the mid-teens. So what is -- and 2 of the bonds are maturing in 2024. So what are the plans to refinance them at this point given that dollar yields are so high? So [Technical Difficulty].
So it's a good question. So first of all, let me just tell you that as per our internal FCFE working and other stuff, even if in a worst scenario, if we are not able to refinance because of the increased rate scenario, we will be able to repay out of our own balance line with the company. So there is no issue or discussion on that.
The second thing what we have done, if you recollect that in airport also when the yield was around 9%, we could close in the private market at 6%. So we have an enough and more bandwidth available to make sure that the refinance is fully available to us. But in a worst scenario, the FCFE component and the other stuff, which we are planning, we will be able to do that.
And then the backup plan also that if you look at RG1, we have recently did this, only INR 700 crores, which is [ INR 100 million crores ] from the domestic banks. So similarly, we will be able to do it. But our idea is to align with the life of the assets. So that's where our first preference will be to go for the dollar bond. Having said that, that option is not available, then we will access the domestic market whereby 3 to 5 years, the funding is easily available. So that's not a challenge.
Understood sir. Just one follow-up question on that. To reach the pipeline of 20 gigawatt, do we see the existing balance sheet plus future cash flows from operating assets sufficient to meet without need for raising further equity?
Yes. Currently, if you look at, as we have a plan that every year, we will be having roughly 4 gigawatts -- 3.5 to 4 gigawatts, which we are going to add will generate enough free cash flow for us to fund the entire thing. So we don't see the immediate or any requirement of the equity issuance. We already did one tranche with the IHC in April, whereby we already raised USD 500 million. So as of now, based on our current internal estimates, we don't see this requirement coming up.
That's helpful, sir. Sir, one last question from my side there. So the market for utilities in general and [indiscernible] specifically, it's not favorable in the sense that interest rates have risen, dollar has strengthened, project costs have gone up, whereas the tariff is locked in the pipeline, PPAs. So the returns for projects, especially the big manufacturing-linked PPA, what is the impact which you are foreseeing in your equity [indiscernible] when you bid versus now when you look to execute that project?
Yes. Sure. So that's a very, very valid question and an important question to answer. That's where the discipline comes into the picture. We never bid based on an aggressive market. When the -- there were certain money, which was available at a low-cost post-COVID liquidity boost, we never used those assumptions when we bid for it. We look at our own long-term interest rate trends. And based on that, we do the bidding. So we have been able to tackle that question very well in our portfolio.
And even today, from the interest rates perspective, we have a very healthy IRR. At the same time, to augment that returns, we have been extensively using the LCs to further reduce the short-term cost of capital. So that, again, we are doing. So that's on the interest part.
On the rupee part and the currency part. So what has further helped us, say, specifically in the case of manufacturing tender, which we did 2 years back or 2.5 years back? The technological advantages, which we have been able to tap, which is today the bifacial modules today, today the horizontal single-access trackers, the -- what peaks going higher significantly, all of that has been able to significantly offset in certain cost increases, which you have seen on the finance side on the rupee, dollar and some of these things.
Obviously, you know very well that any kind of a GST or BCD, which has increased after that, those are already a pass-through. So we have not seen any kind of a meaningful deterioration in our equity IRRs than what we envisaged when we looked at that investment decision. And obviously, we are going ahead with all those project implementations. So you would see some of the manufacturing linked projects getting commissioned in the next financial year.
[Operator Instructions] The next question is from the line of Jaitra from DAM Capital.
Okay. So my first question is, what is the current run rate EBITDA for our portfolio? And second question is, how is the bidding pipeline looking at this point in time? And has there been a slowdown in the bidding?
So the run rate EBITDA for the current operational portfolio will be in the range of around INR 7,000 crores. So that is my run rate EBITDA. And if you look at my net debt to EBITDA, that again is a big thing, which all of you should know that there is always a question, which is coming up.
But with the new things, which has come up as an equity from the IHC, this has -- as on September, as we see, this has come down to 5.83%, which was 6.53% in March. So the cash is also available with us sufficient in the business. And from that perspective, we are very much covered within the range of 6.5%, which is the covenant prescribed by the rating agency, which is actually 7.5%, but we are -- currently for September, it is 5.83%. But year-end, we are expecting that it will be around 6.25%.
Yes. So on the second question of the bidding pipeline, there has been some lag just because, obviously, the tariffs in the market has gone up a bit than what it was in past. So there has been some lag or, I would say, slowdown in the bidding. But at the same time, this is something, which happens where some policy transition happens. So in case of post April, there has been a policy transition with respect to imposition of BCD and also the macroeconomic fundamentals with respect to USD, INR as well as interest rates.
That's also reduced some interest from the bidders as well as the tariffs going higher, have reduced some demand from the DISCOMs. So that is reflected into the bids. But I think it is -- we have seen that cycle multiple times in the last 7, 8 years since the time bidding has started in the renewable space.
So we should see a transition back to normalcy after some time once the psychological question of tariffs going higher actually gets resolved in the mind of consumers, or the cost goes down. So there -- it is expected potentially that the solar module prices would start tapering now onwards.
The next question is from the line of Bharani Vijayakumar from Spark Capital.
Yes. My first question is, what is the rate at which we are selling this infirm power? Is it in the short-term market in the exchanges that we are selling this?
So it depends within the framework within which we get this opportunity. In some cases, it gets sold to the same counterparties, which are my PPA counterparties. In some cases, it could be in exchange. It depends on the particular perspective. So I think in terms of an average rate, you can send a question, and I think the team can respond back to you, but this is how it is.
That normally is at the spot rate available at that particular point of time. We don't have that offhand available. Amount we have already shared with you.
Okay. Okay. Understood. Second question is, is there any policy level help or -- from the government specifically for the solar projects in terms of extending the commissioning dates, et cetera, being thought about at the government level?
So there are multiple considerations, and you saw an article coming in the recent news media where the minister, the honorable minster, has quoted that they are looking for some kind of a consideration, but we have not yet seen any kind of a crystal notification or something. So obviously, based on that article, you can say that there is some consideration of extending things just because of the -- some of the recent harshness you have seen -- being seen by the developers.
The next question is from the line of Apoorva Bahadur from Investec India.
Sir, very curious about your module sourcing strategy. So sir, how do you approach this? How do you plan for sourcing modules? Is it based on the projects that you have already won? Or do you have like a long-term running commitment?
So we have tie-ups with, today, the largest producer of solar modules in the world. And those are relationships, which we cherish just because we have built out those relationships over a period of time. And there's the highest, most connect available there. So with that thing, we are able to have long-term contracts where we get the most favorable rates in the market from them and the best technology, which they would be doing. So that we ensure.
Now in terms of your question around what do we do for sourcing, obviously, we do not necessarily buy modules where we don't have the clarity of the PPAs or revenue uptake on them. We do things where we know that what all projects, which we are going to do over the next 2 years, but standing -- but within that, we can tell you that we plan for 5 years in advance in our business planning, and we exactly know what all projects will come in the next 2 years with some months here and there, but we are very much clear on what is happening. So that gives us significant advantage in terms of our discussions with the vendors, which are our preferred vendors.
And sir, the pricing, how often is it reset. Now why I'm asking is there's a possibility that the solar module prices might correct in the near future. And I mean a linked question to that would also be, where do you see the module prices, say, 6 months or a year from now? .
So to answer that, I can tell you that we get one of the best pricing in the market. That I can assure you, and that has been the case in the last 5 to 6 years. Even in the worst of the times when the markets were moving up very rapidly, we have been able to get the best prices. Even when the prices were falling, we were able to get one of the best pricing in the industry. So that we have insured based on our relationship with some of these players.
Module prices going forward, it is anyone's guess. As of now, market is expecting a meaningful correction. You can see PV InfoLink forecast or some other forecasts, which are available. Some of these forecasts are talking about 10% to 15% correction sometime next year. So let us see how it plays out.
The next question is from the line of Dhruv Muchhal from HDFC Mutual Fund.
Sir, the carbon credit revenue of INR 149 crores, is it fair to assume this would include the accumulated carbon credits or this is particularly for this quarter's generation?
It doesn't work that way. There is something called a crediting period, which we exercised for various projects once we have some accumulation. But since it is more a regular phenomena, and it goes from one project to another project to another project. So the crediting is more or less regular. It is difficult to say quarter-on-quarter, we will have the same number, but we are -- we will be able to have a pretty steady run rate over a year's period.
So crediting happens for a particular project for a year's worth of generation. But since we have so many projects, we do some kind of, I would say, spread of that over the year, and so that we do not necessarily see ups and downs too much. But again, let's not see it on a quarter-on-quarter basis because it is not -- it does not run that way.
Okay. And just to get some sense on probably -- so the absolute numbers will not make sense. But on a per unit basis, is there any benchmark that one can look at when one is looking at the carbon credit income? Because you said this is rolling. So it will not flow quarter-on-quarter, but on an annual basis, probably that will come through?
So the market has been very volatile. We have seen in the last 15 months, I would say, or 16 months, the numbers ranging from $4 to as high as $8 going back to $5.5 or something of that range. And our average has been above $5. And in terms of math, whatever I generate multiplied by 0.93 divided by 1,000 is 1 carbon credit.
Generation into 0.93 divided by 1000 is one carbon credit which is effective for you, the average at least in the past was about $5?
Yes. And see, again, even this 0.93 moves, it is not constant project-on-project. But yes, on an average, 0.93, 0.935 is what you use.
Perfect. That's helpful. Sure, sir. The second question was the EBITDA run rate that you mentioned about INR 7,000-odd crores, that is for the projects, which is for the 6,724-megawatt project, which is already commissioned. And does it also include the 900-odd, which is partially almost commissioned?
No, no, no. This is legal COD, which we have already announced, 6,724, and then we have another 948, is partially commissioned. So for us, we are already at 7672 megawatt.
Got it. So when you say INR 7,000 crores of EBITDA run rate, that is for the -- including the projects, which are partially commissioned?
Yes.
Got it. And sir, the last thing is in your PPT on Slide #19, you give the operational debt -- gross debt for operational projects. Just wanted a clarity. Does this debt also include the acquisition debt that you would have paid, say, for example, for SoftBank, you might have paid some premium. So does it include even that or that's part of the other portion?
No, no. That premium or whatever we have, the acquisition cost has a different treatment. Here, whatever is the date of the operational assets, which we acquired, will be part of these numbers.
Okay. So the debt specific to that projects are included in the operational assets?
Correct. Correct.
Thank you. As there are no further questions, I would now like to hand the conference over to management for closing comments.
So thank you so much. On behalf of Adani team, thank you for patiently hearing. If you have any further questions, you can contact Phuntsok now, to me as well. I'm with the group only, and then to Viral, which is heading -- leading our Investor Relation efforts. So welcome, and thanks to everyone. Be safe. Take care.
Thank you.
Thank you.
Thank you.
Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.