Adani Green Energy (ADNA.NS) announced a major financial move on Tuesday. Its main shareholders will invest 93.50 billion rupees ($1.12 billion). The aim is to expand renewable power capacity.
The company will issue 63.1 million warrants. These are offered preferentially at 1,481 rupees each. Each warrant is convertible into one equity share.
The funds will serve two purposes. They'll reduce company debt and speed up investment in projects.
India has ambitious energy goals, as per an April government memo. The country seeks to boost non-fossil capacity, like solar and wind, to 500 gigawatts (GW) by 2030. However, it missed its 2022 goal of 175 GW of renewable capacity. As the world's third-largest greenhouse gas emitter, India aims high. It wants 50% non-fossil capacity by 2030, up from 42.6%.
Adani Green is confident about its future. The company, in a press release, claimed readiness to hit its 45 GW target by 2030. Currently, it's at 8.4 GW.
To date, Adani Green has raised $3 billion for this purpose. This includes a $1.36 billion green loan from a bank consortium. Additionally, it secured $1.44 billion in separate funding. This round included a $300 million JV with TotalEnergies (TTEF.PA).
Adani Group, the parent of Adani Green, has bigger plans. A report in October mentioned it aims to raise up to $4 billion for green hydrogen projects.
After the investment announcement, Adani Green's shares rose by 4.4%. However, they're still down by over 17% this year. This decline follows a January report by U.S. short-seller Hindenburg, impacting all Adani Group listed companies.
Samira is an Electronics and Communications Engineer by profession, but deep inside, her heart is a nomad! She's a state champion debater, a public speaker, a scriptwriter, a theater actress, but most importantly — A GREEN CITIZEN! She thinks of herself as a storyteller who thrives on enjoying the life at fullest and telling everyone the tales of life.
Renewable Energy ,
Adani Green’s $1.12 Billion Boost for Renewable Power
by : Samira Tasneem | Published: December 27, 2023
Adani Green secures $1.12 billion investment, accelerating its ambitious renewable energy expansion plans.
Adani Green Energy (ADNA.NS) announced a major financial move on Tuesday. Its main shareholders will invest 93.50 billion rupees ($1.12 billion). The aim is to expand renewable power capacity.
The company will issue 63.1 million warrants. These are offered preferentially at 1,481 rupees each. Each warrant is convertible into one equity share.
The funds will serve two purposes. They'll reduce company debt and speed up investment in projects.
Adani Green is confident about its future. The company, in a press release, claimed readiness to hit its 45 GW target by 2030. Currently, it's at 8.4 GW.
To date, Adani Green has raised $3 billion for this purpose. This includes a $1.36 billion green loan from a bank consortium. Additionally, it secured $1.44 billion in separate funding. This round included a $300 million JV with TotalEnergies (TTEF.PA).
Adani Group, the parent of Adani Green, has bigger plans. A report in October mentioned it aims to raise up to $4 billion for green hydrogen projects.
After the investment announcement, Adani Green's shares rose by 4.4%. However, they're still down by over 17% this year. This decline follows a January report by U.S. short-seller Hindenburg, impacting all Adani Group listed companies.
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Samira Tasneem
Samira is an Electronics and Communications Engineer by profession, but deep inside, her heart is a nomad! She's a state champion debater, a public speaker, a scriptwriter, a theater actress, but most importantly — A GREEN CITIZEN! She thinks of herself as a storyteller who thrives on enjoying the life at fullest and telling everyone the tales of life.
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