India's Adani Green to Raise $1.12 Bln to Expand Renewable Capacity
12.26.2023 By Tank Terminals - NEWS

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.


Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

China's Natural Gas Production Surged in First Half of 2024
07.15.2024 - NEWS
July 15, 2024 [Oilprice]- China’s natural gas production increased by 6% in the first half of t... Read More
Fore Part of Hull Launches in China for ‘World’s Largest FPSO Unit’
07.15.2024 - NEWS
July 15, 2024 [Offshore Energy]- Chinese state-owned engineering company ZPMC has launched the fo... Read More
Stolthaven Terminals and GES to Operate Brazil’s First Green Ammonia Export Terminal
07.15.2024 - NEWS
July 15, 2024 [Storage Terminals Magazine]- Stolthaven Terminals, in collaboration with Global En... Read More
ADCC Pipeline Starts Delivering Gas to Cheniere’s Corpus Christi LNG Plant
07.15.2024 - NEWS
July 15, 2024 [LNG Prime]- The ADCC pipeline has started delivering natural gas to Cheniere’s C... Read More