The Adani Family Will Put Rs. 9,350 Crore Into the Green Energy Sector
According to a business filing, billionaire Gautam Adani and his family want to invest Rs 9,350 crore in the conglomerate’s green energy division to enable it to meet the 45 GW objective by 2030.
Adani Green Energy Ltd. said in the statement that the Rs 9,350 crore investment “will be used for deleveraging and accelerated capital expenditure.”
The green energy developer already owns land of over 2,00,000 acres (equivalent to over 40 GW of further capacity) in resource-rich locations and a Power Purchase Agreement (PPA) tie-up of 19.8 GW (out of 20.6 GW locked in capacity, balance of 800 MW being purchased).
The business’s board authorized the preferential issuing of warrants to the founders for a total of Rs 9,350 crore at a price of Rs 1,480.75 per share. The company aims to have 45 gigawatts (GW) of green energy capacity by 2030.
It said that the offering is contingent on approval from regulatory and statutory authorities, as well as the company’s shareholders at the Extraordinary General Meeting (EGM) set for January 18, 2024.
Adani Green Energy Ltd. (AGEL) had previously stated that eight of the top international banks will provide USD 1.36 billion in construction financing for 2,167 MW of solar power projects in Khavda, Gujarat, the country’s biggest solar park.
Furthermore, AGEL disclosed plans to raise USD 1.425 billion in equity capital, consisting of USD 1.125 billion via promoter preferred issue and USD 300 million from TotalEnergies JV. This represents a capital increase of more than USD 3 billion.
According to the filing, “this demonstrates the deep interest by banks, financial institutions, strategic partners, and long-term investors, coupled with continued promoter commitment, for AGEL’s target.”
