Adani Family Invests Rs 9,350 Cr in Green Energy Arm
Dec 26, 2023 15:14
The Adani family will invest Rs 9,350 crore in Adani Green Energy Ltd to accelerate capital expenditure and achieve a 45 GW green energy target by 2030. The investment will be used for deleveraging and expansion.
New Delhi, Dec 26 (PTI) Billionaire Gautam Adani and his family plan to inject Rs 9,350 crore into the conglomerate's green energy arm to equip it to achieve the 45 GW target by 2030, according to a company filing.
The investment of Rs 9,350 crore in Adani Green Energy Ltd "will be used for deleveraging and accelerated capital expenditure," the firm said in the filing.
The green energy developer already has a Power Purchase Agreement (PPA) tie-up of 19.8 GW (out of 20.6 GW locked in capacity, balance 800 MW being merchant) and land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas.
The board of the company, which has a goal of 45 gigawatts (GW) of green energy capacity by 2030, approved a preferential issuance of warrants to the promoters for a quantum of Rs 9,350 crore at a price of Rs 1,480.75 per share.
The issuance is subject to the approval of regulatory and statutory authorities as well as the shareholders of the company at the Extraordinary General Meeting (EGM) scheduled on January 18, 2024, it said.
Earlier, Adani Green Energy Ltd (AGEL) had announced a USD 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.
In addition, AGEL had announced USD 1.425 billion of equity capital (USD 1.125 billion from preferential issuance by promoters and USD 300 million from TotalEnergies JV), which translates to a capital raising of over USD 3 billion.
"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 said.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.