Adani Green Aims to Boost its Green Energy Portfolio with $1.5 Billion Funding
Adani Green Energy (ADNA.NS), controlled by billionaire Gautam Adani, announced on June 6, 2023, that it had approved raising 123 billion rupees ($1.49 billion) through qualified institutional placement.
Bloomberg reported earlier in the day, citing sources familiar with the matter, that the renewable energy company will use the funds to diversify its green energy supply in the country.
According to Phuntsok Wangyal, the company’s finance chief, the company plans to increase its green energy capacity by about 3 gigatonnes this fiscal year, spending approximately 140 billion rupees ($1.70 billion).
Last year, India’s renewables sector was one of the country’s top five industries for foreign funds.
Following a critical report by a U.S. short-seller in January, two other Adani group companies, Adani Transmission (ADAI.NS) and Adani Enterprise (ADEL.NS), outlined plans to raise up to $2.57 billion in May.
The market value of the conglomerate’s seven listed entities has dropped by more than $100 billion since Hindenburg Research accused the group of illegally using offshore tax havens and stock manipulation. Adani has denied the charges.
So far this year, the value of Adani Energy’s shares has been cut in half. On Thursday, they were up less than 1%. $1 equals 82.5190 Indian rupees
$1 equals 82.5150 Indian rupees
In July 2023, the company announced plans to raise Rs 12,300 crore through a share sale to investors as the group continues to build on a comeback strategy to emerge out of allegations of fraud leveled by a US short-seller.
About Adani Green Energy Ltd.
Adani Green Energy is a renewable energy company that is part of the Adani Group, one of India’s largest conglomerates. Here are some facts about the company:
It has a current project portfolio of 20,434 MW of solar, wind and hybrid power projects across 12 states in India.
It is one of the largest renewable energy companies in India and aims to have a portfolio of 25 GW of renewable energy projects by 2025.
It is committed to a sustainable roadmap and is a signatory of the United Nations Global Compact, a voluntary initiative to align business strategies and operations with universal principles on human rights, labor, the environment, and anti-corruption.