Adani Green Energy to receive Rs. 9,350cr investment from promoters
Adani Green Energy has announced that its promoters will inject Rs. 9,350 crore into the company through preferential issuance of warrants priced at Rs. 1,480.75 each. The funds will primarily be used to reduce debt and finance capital expenditure. Following the announcement, the company's stock surged 4% and exceeded Rs. 1,600. Adani Green will hold an extraordinary general meeting (EGM) on January 18 to seek shareholder approval for the issuance of warrants.
Adani Green is building India's largest solar park
Earlier, Adani Green announced a $1.36 billion construction facility for solar power projects totaling 2,167 MW at Khavda in Gujarat, which is set to become India's largest solar park. With 20.6 GW locked-in capacity, over two lakh acres of land in resource-rich areas of India, and an additional equity infusion of Rs. 9,350 crore, the company is now fully equipped to achieve its target of 45 GW by 2030, the company said.
Capital raise of $3 billion and Adani Green's future plans
In addition to the construction facility, Adani Green announced $1.43 billion of equity capital, comprising $1.13 billion from preferential issuance by promoters and $300 million from the TotalEnergies JV. This will bring the company's total funds raised to $3 billion Adani Green intends to use these funds to speed up growth capex and reach its goal of 45 GW capacity by 2030. Gautam Adani stated that with the injected funds, Adani Green is well-positioned to achieve its accelerated growth trajectory.
