Adani Green Energy (ADNA.NS), a business based in India, said on Tuesday that its core shareholders will spend 93.50 billion rupees, which is equivalent to $1.12 billion, in the firm to increase its capacity to generate renewable electricity.
The firm will make a preferential offering of up to 63.1 million warrants, with each warrant being issued from the company for 1,481 rupees. In a statement, it was said that each warrant has the potential to be converted into one equity share.
According to what was stated, the cash would be used to lower the amount of debt that the firm carries and to speed up investment in various initiatives.
According to a memo issued by the government in April, India is attempting to increase its non-fossil energy capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030. This comes after the country failed to meet its aim of installing 175 GW of renewable power by the year 2022.
Currently, the world’s third-largest emitter of greenhouse gases is working toward increasing the percentage of non-fossil capacity to fifty percent by the year 2030, up from forty-two point six percent.
Right now, Adani Green has 8.4 gigawatts of renewable power, but the company stated in a press release that it is now “fully equipped” to accomplish its goal of 45 gigawatts by 2030.
The firm has successfully obtained $3 billion for its renewable capacity. This amount comprises a green loan of $1.36 billion from a consortium of international banks and a separate fundraising effort of $1.44 billion, including a joint venture with TotalEnergies (TTEF.PA) of France worth $300 million.
According to a story published in October, Adani Group, the parent company of Adani Green, is attempting to fund up to $4 billion for its plans to produce green hydrogen.
After a report by a short-seller in the United States named Hindenburg in January prompted a meltdown in Adani Group’s listed businesses, shares of Adani Green ended up 4.4% after the announcement. However, they are still down more than 17% this year.
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