Even though it continues to provide power continuously from its flagship Godda Ultra-Supercritical Thermal Power Plant (USCTPP) in Jharkhand, Adani Power, India’s largest private thermal power producer, is still waiting on a sizable payment from Bangladesh of about USD 900 million (roughly ₹7,500 crore). Notwithstanding outstanding receivables, the business has declared ambitious capital expenditure plans for FY26, indicating strong growth momentum, and it continues to have faith in its regional alliances.
Credits: Economic Times
In this article, we’ll take a closer look at Adani Power’s cross-border energy partnership with Bangladesh, the financial challenges it faces, and its ambitious plans for future expansion.
Powering a Nation: Adani’s Supply to Bangladesh
Adani Power’s Godda USCTPP, a 1,600 MW (2×800 MW) ultra-supercritical plant, holds the unique distinction of being India’s first thermal power plant exporting 100% of its output to a neighbouring country. Located in Jharkhand, the plant supplies electricity exclusively to Bangladesh through a dedicated 130-km, 400kV double-circuit cross-border transmission line, directly connected to the Bangladesh grid.
Commissioned in two phases — with Unit 1 going live in April 2023 and Unit 2 in June 2023 — the plant has become a vital part of Bangladesh’s power infrastructure.
The Financial Picture: Dues and Collections
Speaking during the company’s recent earnings call, Dilip Jha, Chief Financial Officer of Adani Power, revealed that the company has billed Bangladesh a total of USD 2 billion for power supplied so far. Out of this, it has received USD 1.207 billion, with an additional USD 136 million billed as late payment surcharge (LPS).
“On a gross basis, including LPS, the total outstanding is currently around USD 900 million,” Jha stated.
However, there has been some progress. In the last quarter alone, the outstanding amount reduced by ₹500 crore, indicating that payments are now exceeding monthly billing, a positive sign for the company’s cash flow outlook.
Power Supply Unaffected by Dues
Despite the large outstanding amount, Adani Power has not cut or curtailed electricity supply to Bangladesh. CEO S B Khyalia clarified that the company continues to deliver full contracted power and has never indicated any possibility of halting supply due to payment delays.
“We are supplying full power to Bangladesh. There was never an issue serious enough to warrant a supply disruption,” Khyalia reassured investors.
This statement dispels any speculation of a diplomatic or commercial fallout and underlines Adani Power’s long-term commitment to its international agreements.
Capex Surge: Rs 13,307 Crore Investment in FY26
Looking ahead, Adani Power is betting big on expansion. After already incurring ₹8,000 crore in capital expenditure in FY25, the company has set aside ₹13,307 crore for FY26, marking a substantial increase.
The expansion blueprint includes:
- Mahan Phase 2 & 3
- Raigarh Phase 2
- Raipur Phase 2
- Mirzapur Project
- Kawai Phase II
- Korba Phase 2 & 3
This capex push will not only strengthen Adani Power’s domestic capacity but also help position it as a regional energy powerhouse capable of serving international demand.
Lanco Amarkantak: A Key Project on the Horizon
Adding to its capacity pipeline, the company is also preparing to commission two new units at Lanco Amarkantak. These are expected to go live either by the end of 2025 or in the first half of 2026. Once operational, they will further enhance Adani Power’s generation portfolio and strategic footprint.
Credits: Times Now
Conclusion: Resilient Operations, Ambitious Vision
Adani Power’s ability to continue uninterrupted operations despite a sizeable pending payment from a foreign government speaks volumes about its financial resilience and diplomatic stability. While the USD 900 million in dues from Bangladesh remains a concern, the ongoing clearance of outstanding amounts and future capacity expansions highlight the company’s long-term confidence in cross-border energy trade.
With a bold capex plan and an expanding pipeline of projects, Adani Power is positioning itself not just as a key player in India’s energy sector, but also as a reliable regional energy exporter.
