Adani Green Energy to raise Rs 9,350 crore from equity sale to promoters

The board of renewable energy firm Adani Green Energy Limited (AGEL) approved a preferential issuance of warrants to the promoters to raise Rs 9,350 crore, the company said in a press statement on Tuesday.

Each warrant is priced at Rs 1,480.75 with a total issuance of 6.31 crore warrants to promoter group companies Ardour Investment Holding Ltd and Adani Properties Pvt Ltd, giving them a 3.833% equity stake in AGEL.

The green energy player will utilise the fresh capital from the promoters (members of the Adani family) to deleverage its balance sheet and accelerate capital expenditure to achieve its goal of scaling renewable energy capacity to 45 gigawatts (GW) by 2030.

The company said it is now fully equipped to achieve this target through the capital infusion, along with having a locked-in capacity of 20.6 GW and land of over 20 lakh acres in resource rich areas, which is equivalent to 40 GW of additional capacity. Out of the locked-in capacity, 19.8 GW is tied-up in a Power Purchase Agreement with the Solar Energy Corporation of India (SECI).

“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 favourably positioned to achieve its accelerated growth trajectory,” said chairman Gautam Adani.

Shares of AGEL ended the day in green, climbing 5.48 per cent to reach Rs 1,617.05.