Adani Green Energy to make investment to meet ambitious green energy targets, address bond maturities and sustain momentum in the renewable power sector
Indian billionaire Gautam Adani and his family plan to invest $1 billion in Adani Green Energy by issuing preferential shares to the company's founders. The move will help the group meet the expansion and refinancing requirements.
The company's board will meet on December 26 to consider the fundraising proposals, including the possibility of selling shares or convertible securities, it said in an exchange filing late on Wednesday.
With a target to achieve 45 gigawatts of green energy capacity by 2030, Adani Green faces $1.2 billion in bond maturities next year. Plans are already underway for the repayment or refinancing of these obligations.
Its shares rose as much as 4.6 percent on Thursday, joining a broader rally that also saw gains in other group companies. Earlier this month, the company secured a $1.36 billion loan from an international bank consortium to facilitate the expansion of its renewable power capacity.