Adani Green Energy Ltd (“AGEL”), India’s largest and the world’s leading renewable energy developer, announced that the Board of Directors of AGEL have approved a preferential issuance of warrants to the Promoters of AGEL for a quantum of INR 9,350 crore (equivalent to USD 1,125 million) at a per share price of INR 1,480.75/share calculated basis SEBI ICDR regulations. 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 18 January 2024. The funds shall be utilized for deleveraging and accelerated capital expenditure.
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 INR 9,350 crore which fully funds this stated target.
"India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution,” said Gautam Adani, Chairman of the Adani Group. “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."