Adani family to invest ₹9,350 cr in Adani Green Energy Ltd to help green energy arm achieve 45 GW target by 2030, the firm said in a regulatory filing on Tuesday.
The company plans to issue up to 6.3 crore warrants on a preferential basis, each priced at ₹1,481 per share.
The funds will be utilised to reduce the company’s debt and accelerate investment in various projects, it said.
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The green energy arm of billionaire Gautam Adani’s coal-to-airports conglomerate also signed a 25-year contract with Solar Energy Corp. of India, or Seci, for the remaining 1.8 gigawatts, it said Monday. State-run Seci conducted the auction and is the intermediary between the project developer and buyers of electricity.
In a press release, Adani Green said that it is now “fully equipped” to achieve its target of 45 GW of renewable capacity by 2030, up from the current 8.4 GW.
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The company has successfully secured around ₹25,000 crore for its renewable capacity, including a green loan of ₹11,300 crore from an international bank consortium and a separate ₹12,000 crore fundraising, which incorporates a ₹2,500 crore joint venture with France’s TotalEnergies.
Adani Group, the parent firm of Adani Green, aims to raise up to ₹33,000 crore for its green hydrogen plans.
Shares of Adani Green closed up 5.4 per cent after the news but are still down over 17 per cent this year, after a report by U.S. short-seller Hindenburg in January triggered a rout in Adani Group’s listed entities. In the latest trading session, the stocks closed at ₹1,617.05 per share.
(Inputs from wires)