Adani Green Energy Limited (AGEL) is embarking on a significant financial move by issuing warrants to its promoters, including Ardour Investment Holding and Adani Properties, to raise a substantial amount of INR 93.5 billion. The issuance, set at a rate of Rs 1,480.75 per share through preferential allotment, aims to reduce the company’s debt and expedite capital expenditure in pursuit of achieving the ambitious renewable capacity target of 45 GW by 2030.

The board of directors of AGEL granted approval for this strategic move on December 26, 2023. However, the successful execution is contingent upon obtaining approvals from regulatory and statutory authorities, as well as the nod from the company’s shareholders at the extraordinary general meeting scheduled for January 18, 2024.

AGEL, boasting a pipeline capacity of 20.6 GW and land acquisitions exceeding 200,000 acres, equivalent to an additional capacity of over 40 GW in resource-rich regions across the country, is poised for significant expansion.

In a recent development in December 2023, AGEL successfully concluded the transfer of its 1,050 MW renewable energy portfolio to a joint venture with TotalEnergies. Additionally, during the same month, the company inked a power purchase agreement with the Solar Energy Corporation of India, committing to deliver 1,799 MW of solar power capacity, further solidifying its position in the renewable energy sector.

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