Major shareholders commit Rs 93.50 billion to propel Adani Green's renewable capacity. The issuance of 63.1 million warrants aims to reduce debt and accelerate strategic project investments
Adani Green Energy has said that its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity. The company will issue up to 63.1 million warrants on a preferential basis at an issue price of 1,481 rupees per warrant. Each warrant can be converted into one equity share, it said in a statement.
It said the funds will be utilised to reduce the company's debt and accelerate investment in various projects.
The company has announced that it will issue up to 63.1 million warrants on a preferential basis. Each warrant can be converted into one equity share, and the issue price for each warrant is set at 1,481 rupees. The company has also stated that the funds from this issuance will be utilised to reduce its debt and accelerate investment in various projects.
According to a government memo from April, India is trying to boost non-fossil capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030 after missing its target to install 175 GW of renewable capacity by 2022.
By 2030, India plans to boost its non-fossil capacity by 50 percent from the current 42.6 percent. In a press release, Adani Green said it is now "fully equipped" to achieve its target of 45 GW of renewable capacity by 2030 from 8.4 GW.
The company has so far raised $3 billion for its renewable capacity, which also consists of a green loan of $1.36 billion from an international bank consortium and a separate $1.44 billion fundraising, which includes a $300 million joint venture with France's TotalEnergies (TTEF.PA).
Adani Group, the parent firm of Adani Green, is looking to raise $4 billion for its green hydrogen plans, a report in October said.