Adani family to invest ₹9,350 cr in Adani Green for 45 GW target by 2030

Adani Green said funds will be utilised to reduce the company's debt and accelerate investment in various projects

Updated on: Dec 26, 2023, 16:08:29 IST

By HT News Desk

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Adani family to invest ₹9,350 cr in Adani Green Energy Ltd to help green energy arm achieve 45 GW target by 2030, the firm said in a regulatory filing on Tuesday.

The company plans to issue up to 6.3 crore warrants on a preferential basis, each priced at ₹1,481 per share.

The funds will be utilised to reduce the company's debt and accelerate investment in various projects, it said.

Also read: Adani completes solar power purchase project of 8GW for SECI

The green energy arm of billionaire Gautam Adani’s coal-to-airports conglomerate also signed a 25-year contract with Solar Energy Corp. of India, or Seci, for the remaining 1.8 gigawatts, it said Monday. State-run Seci conducted the auction and is the intermediary between the project developer and buyers of electricity.

In a press release, Adani Green said that it is now "fully equipped" to achieve its target of 45 GW of renewable capacity by 2030, up from the current 8.4 GW.

Also read: Sharad Pawar thanks Adani for contributing ₹25 cr to Baramati Tech Centre

The company has successfully secured around ₹25,000 crore for its renewable capacity, including a green loan of ₹11,300 crore from an international bank consortium and a separate ₹12,000 crore fundraising, which incorporates a ₹2,500 crore joint venture with France's TotalEnergies.

Adani Group, the parent firm of Adani Green, aims to raise up to ₹33,000 crore for its green hydrogen plans.

Shares of Adani Green closed up 5.4 per cent after the news but are still down over 17 per cent this year, after a report by U.S. short-seller Hindenburg in January triggered a rout in Adani Group's listed entities. In the latest trading session, the stocks closed at ₹1,617.05 per share.

(Inputs from wires)

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