Adani Group To Invest In Adani Green Energy
Adani Green Energy (AGEL) board of directors have approved a preferential issuance of warrants to the promoters for a quantum of Rs 9,350 crore, at a per share price of Rs 1,480.75. The funds shall be utilised for deleveraging and accelerated capital expenditure, the company said. 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 Rs 9,350 crore which fully funds this stated target. 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 for January 18, 2024. Earlier, AGEL 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.
Tags : Adani Green Energy additional equity infusion capital expenditure regulatory statutory authorities solar power projects Khavda