Adani family to invest ₹9,350 crore in green energy arm

The green energy developer already has a Power Purchase Agreement (PPA) tie-up of 19.8 GW (out of 20.6 GW locked in capacity, balance 800 MW being merchant) and land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas.

Billionaire Gautam Adani and his family plan to inject ₹9,350 crore into the conglomerate's green energy arm to equip it to achieve the 45 GW target by 2030, according to a company filing.

The investment of ₹9,350 crore in Adani Green Energy Ltd "will be used for deleveraging and accelerated capital expenditure," the firm said in the filing.

Also read | Adani Green signs PPA with SECI to supply 1,799 MW solar power

The green energy developer already has a Power Purchase Agreement (PPA) tie-up of 19.8 GW (out of 20.6 GW locked in capacity, balance 800 MW being merchant) and land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas.

The board of the company, which has a goal of 45 gigawatts (GW) of green energy capacity by 2030, approved a preferential issuance of warrants to the promoters for a quantum of ₹9,350 at a price of ₹1,480.75 per share.

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 January 18, 2024, it said.

Earlier, Adani Green Energy Ltd (AGEL) had announced a $1.36 billion construction facility by eight leading international banks for 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India.