December 26, 2023 [Reuters]- India’s Adani Green Energy (ADNA.NS) on Tuesday said its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity.

The company will issue up to 63.1 million warrants on a preferential basis, at an issue price of 1,481 rupees per warrant. Each warrant can be converted into one equity share, it said in a statement.

The funds will be utilised to reduce the company’s debt and accelerate investment in various projects, it said.

According to a government memo from April, India is trying to boost non-fossil capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030 after missing its target to install 175 GW of renewable capacity by 2022.

The world’s third-largest greenhouse gas emitter is also looking to boost the share of non-fossil capacity to 50% by 2030, from 42.6% currently.

In a press release, Adani Green said it is now “fully equipped” to achieve its target of 45 GW renewable capacity by 2030 from 8.4 GW currently.

The company has so far raised $3 billion for its renewable capacity, which also consists of a green loan of $1.36 billion from an international bank consortium, and a separate $1.44 billion fundraising which includes a $300 million joint venture with France’s TotalEnergies (TTEF.PA).

Adani Group, the parent firm of Adani Green, is looking to raise up to $4 billion for its green hydrogen plans, a report in October said.

Shares of Adani Green closed up 4.4% after the news but are still down over 17% this year, after a report by U.S. short-seller Hindenburg in January triggered a rout in Adani Group’s listed entities.

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