On Tuesday, Adani Green Energy of India announced that its major stakeholders will inject $1.12 billion (93.50 billion rupees) into the company to enhance its renewable power capacity.
As outlined in a statement, the company plans to issue a maximum of 63.1 million warrants through preferential allotment, each priced at 1,481 rupees. These warrants are convertible into one equity share.
The raised funds will be employed to alleviate the company’s debt burden and expedite investments across diverse projects.
As per an April government memorandum, India is actively working to enhance its non-fossil energy capacity, encompassing solar and wind power, to reach 500 gigawatts (GW) by 2030.
This objective comes in the wake of the nation falling short of its goal to establish 175 GW of renewable capacity by 2022.
As the world’s third-largest emitter of greenhouse gases, India is also aspiring to elevate the proportion of non-fossil capacity to 50% by 2030, up from the current 42.6%.
In an official statement, Adani Green expressed confidence in being “fully equipped” to realize its target of achieving 45 GW of renewable capacity by 2030, a significant increase from its current capacity of 8.4 GW.
To date, the company has secured $3 billion for its renewable capacity, comprising a green loan of $1.36 billion from an international bank consortium and a distinct $1.44 billion fundraising initiative.
The latter includes a $300 million joint venture with France’s TotalEnergies.
According to a report in October, the Adani Group, the parent company of Adani Green, is in the process of raising up to $4 billion for its green hydrogen initiatives.