AGEL set to achieve its stated target of 45 GW by 2030
The Board of Directors of Adani Green Energy Ltd (AGEL) has approved a preferential issuance of warrants to the Promoters of AGEL for a quantum of Rs.9,350 crore (equivalent to US$1,125 million) at a per share price of Rs.1,480.75 calculated basis SEBI ICDR regulations.
The issuance is subject to the approval of regulatory and statutory authorities as well as the shareholders of the company at the Extraordinary General Meeting (EGM) scheduled on 18 Jan 2024.
The funds shall be utilized for deleveraging and accelerated capital expenditure.
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 200,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas of India and additional equity infusion of Rs.9,350 crore which fully funds this stated target.
“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.
“This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans.
“With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory.”
Earlier, AGEL announced US$1.36 billion construction facility (by 8 leading international banks) for construction of 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India.
In addition, AGEL has announced US$1.425 billion of equity capital (US$1.125 billion from preferential issuance by promoters and US$300 million from TotalEnergies JV), which translates to a capital raise of ~US$3 billion.
This demonstrates the deep interest by long term investors, strategic partners, financial institutions, banks coupled with continued promoter commitment, to enable AGEL’s target of adding 45 GW of renewable capacity in India by 2030.
AGEL is India’s largest renewable energy solutions partner, playing a vital role in enabling the clean energy transition. The company develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. Fiinews.com
