Adani Green Energy Ltd (AGEL), India’s largest renewable energy developer, said its shareholders will invest INR 9,350 crore ($1.13 billion) in the company to boost its capacity.

AGEL said in a statement on Tuesday that its board of directors has approved a preferential issuance of warrants to the promoters of AGEL for the investment at a per share price of INR 1,480.75/share.

According to the statement, the funds will 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.

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.

“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 Mr 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 favorably positioned to achieve its accelerated growth trajectory,” he added.

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

In addition, AGEL has announced $1.43 billion of equity capital ($1.13 billion from preferential issuance by promoters and $300 million from TotalEnergies JV), which translates to a capital raise of about $3 billion.

AGEL said this demonstrates the deep interest by long term investors, strategic partners, financial institutions, banks coupled with continued promoter commitment, to enable AGEL’s target of adding 45 GW of renewable capacity in India by 2030.

AGEL is India’s largest renewable energy solutions partner, playing a vital role in enabling the clean energy transition.

The company develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants.

With an operating renewable portfolio of 8.4 GW spread across 12 states, AGEL is currently the largest renewable energy developer in India, offsetting over 41 million tons of carbon dioxide emissions cumulatively.

AGEL is committed to its target of achieving 45 GW of renewable energy capacity by 2030, aligned with India’s decarbonization goals.

The company focuses on leveraging technology to reduce the levelized cost of energy (LCOE) and facilitate the widespread adoption of affordable clean energy.

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