NEW DELHI: The board of Adani Green Energy (AGEL) has approved the issuance of warrants worth Rs 9,350 crore on a preferential basis to the promoter.
The company, in an exchange filing, said the funds will be used to deleverage its balance sheet and accelerate growth capex to achieve its 45 GW capacity target by 2030. The warrants will be issued to the promoter group for Rs 1,480.75 per warrant.
“AGEL is now fully equipped to achieve its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, secured land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource-rich areas of India and additional equity infusion of `9,350 crore, which fully funds this stated target,” said the company.
Earlier, the company announced a $1.36 billion construction facility (by 8 leading international banks) for the construction of 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India. In addition, AGEL has announced $1.425 billion of equity capital ($1.125 billion from preferential issuance by promoters and $300 million from TotalEnergies JV), which translates to a capital raise of $3 billion.
This demonstrates the deep interest of long-term investors, strategic partners, financial institutions, and banks coupled with continued promoter commitment, to enable AGEL’s target of adding 45 GW of renewable capacity in India by 2030.
“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.