Ahmedabad (Gujarat) [India], December 26 (ANI): Adani Green Energy announced on Tuesday that its Board of Directors has approved a preferential issuance of warrants to the promoters for a quantum of Rs 9,350 crore.
In a release, the Adani Group company said the issuance, however, 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 for January 18, 2024.
The funds shall be utilised for deleveraging and accelerated capital expenditure.
“India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution,” said Gautam Adani, Chairman of the Adani Group, as per the release.
“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 fund infusion, AGEL remains favourably positioned to achieve its accelerated growth trajectory,” Gautam Adani added.
Earlier, Adani Green Energy announced a USD 1.36 billion construction facility (by eight leading international banks) for the construction of 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India.
In addition, Adani Green Energy has 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 raise of USD 3 billion.
All these combined will enable Adani Green Energy’s target of adding 45 GW of renewable capacity in India by 2030.
AGEL, with an operating renewable portfolio of 8.4 GW spread across 12 states is currently the largest renewable energy developer in India.
India committed to an ambitious five-part “Panchamrit” pledge at COP26, held in 2021. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. (ANI)
