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AHMEDABAD: Billionaire Gautam Adani, the chairman of ports-to-power conglomerate, Adani Group, and his family, will invest Rs 9,350 crore in the conglomerate’s green energy arm – Adani Green Energy Limited (AGEL). The investment is aimed at enabling the company to achieve a 45 GW target by 2030, according to AGEL’s stock exchange filing on Tuesday.
“The investment will be used for deleveraging and accelerate capital expenditures by AGEL,” the company said in a statement. AGEL, which has a 20.6 GW locked-in capacity, has already signed a power purchase agreement (PPA) tie-up of 19.8 GW and secured a land parcel of 2 lakh acre in resource-rich areas of India.
AGEL aims to attain 45 GW green energy capacity by 2030. Presently, the company develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. It has an operating renewable portfolio of 8.4 GW spread across 12 states in India.
“India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution. This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favourably positioned to achieve its accelerated growth trajectory,” said Gautam Adani, chairman, Adani Group.
AGEL board of directors have approved the preferential issuance of warrants to the promoters of Rs 9,350 crore ($1,125 million) at price of Rs 1,480.75 per share. The issuance is subject to regulatory and statutory authorities as well as the AGEL shareholders at the extraordinary general meeting (EGM) scheduled on January 18, 2024, the regulatory filing mentioned.
“This demonstrates the deep interest by long-term investors, strategic partners, financial institutions and banks, coupled with continued promoter commitment, for AGEL’s target,” the filing further stated.
Earlier, AGEL had announced a $1.36 billion construction facility by eight leading international banks for 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India.
Moreover, the green energy major had announced $1.425 billion of equity capital ($1.125 billion from preferential issuance by promoters and $300 million from TotalEnergies JV), which translates to a capital raising of over $3 billion.
“The investment will be used for deleveraging and accelerate capital expenditures by AGEL,” the company said in a statement. AGEL, which has a 20.6 GW locked-in capacity, has already signed a power purchase agreement (PPA) tie-up of 19.8 GW and secured a land parcel of 2 lakh acre in resource-rich areas of India.
AGEL aims to attain 45 GW green energy capacity by 2030. Presently, the company develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. It has an operating renewable portfolio of 8.4 GW spread across 12 states in India.
“India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution. This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favourably positioned to achieve its accelerated growth trajectory,” said Gautam Adani, chairman, Adani Group.
AGEL board of directors have approved the preferential issuance of warrants to the promoters of Rs 9,350 crore ($1,125 million) at price of Rs 1,480.75 per share. The issuance is subject to regulatory and statutory authorities as well as the AGEL shareholders at the extraordinary general meeting (EGM) scheduled on January 18, 2024, the regulatory filing mentioned.
“This demonstrates the deep interest by long-term investors, strategic partners, financial institutions and banks, coupled with continued promoter commitment, for AGEL’s target,” the filing further stated.
Earlier, AGEL had announced a $1.36 billion construction facility by eight leading international banks for 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India.
Moreover, the green energy major had announced $1.425 billion of equity capital ($1.125 billion from preferential issuance by promoters and $300 million from TotalEnergies JV), which translates to a capital raising of over $3 billion.
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