Adani Family Commits ₹9,350 Crores to Propel Adani Green's 45 GW Target by 2030

In a strategic move to bolster Adani Green Energy Ltd's ambitious 45 GW target by 2030, the Adani family has announced a significant investment of ₹9,350 crores. The announcement, made through a regulatory filing on Tuesday, outlines the family's commitment to advance the green energy arm of Gautam Adani’s conglomerate.

Adani Green plans to issue up to 6.3 crore warrants on a preferential basis, each priced at ₹1,481 per share. The infusion of funds aims to not only contribute to the reduction of the company's debt but also to expedite investments in various projects, as detailed in the regulatory filing.

In a noteworthy development, the green energy arm has inked a 25-year contract with Solar Energy Corp. of India (Seci) for the remaining 1.8 gigawatts. Seci, a state-run entity, played a pivotal role in conducting the auction and acts as the intermediary between the project developer and electricity buyers.

Adani Green, in a press release, expressed confidence in its ability to achieve the ambitious target of 45 GW of renewable capacity by 2030, a substantial increase from the current 8.4 GW. The company has strategically secured around ₹25,000 crores for its renewable capacity, including a green loan of ₹11,300 crores from an international bank consortium. Additionally, a separate ₹12,000 crores fundraising initiative, inclusive of a ₹2,500 crores joint venture with France's TotalEnergies, has contributed to the financial strength of Adani Green.

As part of the broader Adani Group, the parent firm of Adani Green, there is an overarching plan to raise up to ₹33,000 crores for green hydrogen initiatives.

Despite the positive announcement, Adani Green shares closed up 5.4%, though they continue to reflect a year-to-date decrease of over 17%. This downward trend traces back to a January report by U.S. short-seller Hindenburg, which triggered a market downturn for Adani Group's listed entities. In the latest trading session, Adani Green stocks closed at ₹1,617.05 per share.