Adani Green Energy (AGEL) on December 26 said its board of directors has approved a priority issuance of warrants to promoters for an amount of Rs 9,350 crore at Rs 1,480.75 per share. The funds will be used to reduce and accelerate capital expenditures, the company said. It added that AGEL is now fully equipped to achieve its target of 45 GW by 2030, with 20.6 GW of installed capacity, over 2,00,000 acres (equivalent to 40 GW of additional capacity) of secured land in India’s resource-rich areas, and an additional equity infusion of Rs 9,350 crore which fully funds this stated target.
Adani Group Chairman Gautam Adani said, “India is on its way to becoming a global leader in renewable energy and Adani Green Energy is at the forefront of this revolution.”
“This investment by the Adani family is not only to realize our nation’s clean energy dream but also signifies our commitment to an equitable energy transition where we simultaneously phase out conventional energy sources in favor of greener, affordable alternatives to accelerate our growth and development. Plans. With the infusion of funds, AGEL is well positioned to achieve its accelerated growth trajectory.”
Shares of Adani Green Energy jumped over 5 percent to Rs 1,617 on BSE.
The issue is subject to the approval of regulatory and statutory authorities as well as shareholders of the company at the Extraordinary General Meeting (EGM) scheduled for January 18, 2024.
Earlier, AGEL announced a $1.36-billion construction facility (by 8 leading international banks) for the construction of a 2,167 MW solar power project at Khavda, Gujarat, India’s largest solar park. In addition, AGEL announced $1.425 billion in equity capital ($1.125 billion from the preferential issue by the promoters and $300 million from the TotalEnergies JV), which translates into a capital increase of $3 billion.
