Delhi Aajkal Bureau, Delhi

27 December 2023

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 favorably positioned to achieve its accelerated growth trajectory.”

Earlier, AGEL announced USD 1.36 billion construction facility (by 8 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 USD 1.425 billion of equity capital (USD 1.125 billion from preferential issuance by promoters and USD 300 million from TotalEnergies JV), which translates to a capital raise of ~ USD 3 billion.

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.

Delhi Aajkal Bureau, Delhi

25 December 2023

Adani Green Energy Ltd (AGEL), India’s largest and among the world’s leading renewable energy players, has announced the execution of power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL has completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.

AGEL has progressed on the commitments of the SECI manufacturing-linked solar PV tender, including setting up 2 GW of PV cell and module manufacturing facilities. AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum through its associate company Mundra Solar Energy Ltd (MSEL). The plant is located at Mundra, Gujarat. AGEL holds 26% shares of MSEL through its wholly owned subsidiary Adani Renewable Energy Holding Four Ltd.

With this, Adani Green now has tied up PPAs of 19.8 GW and balance is merchant capacity in its 20.6 GW locked-in portfolio. With over 2 Lacs acres of land already tied up in resource rich areas of India, the portfolio is fully de-risked for execution of 45 GW capacity by 2030.

 Amit Singh, CEO, Adani Green Energy Ltd. “Adani Green is committed to not only enabling India’s decarbonization goals but also contributing towards the Atmanirbhar Bharat vision. We are glad to conclude the largest green PPA and enable a sustainable energy landscape. Aligned to the India’s target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver in excess of 45 GW renewable energy, a five-fold increase from our current operating portfolio. This reaffirms our resolve to provide affordable and accessible clean energy.”