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

FERC to Decide on Venture Global Building Permit Extension by April
02.23.2024 - NEWS
February 23, 2024 [Oil Price]- The Federal Energy Regulatory Commission will try to be quick in d... Read More
Shell's LNG Trading Makes $2.4 Billion in Final 2023 Quarter, Sources Say
02.23.2024 - NEWS
February 23, 2024 [Reuters]- Nearly a third of Shell’s (SHEL.L), opens new tab profit in th... Read More
Europe, Africa Oil Markets Tighten, Lending Support to Futures
02.23.2024 - NEWS
February 23, 2024 [Reuters]- Red Sea shipping delays and OPEC+ supply cuts are tightening physica... Read More
Concluded Joint Development Agreement for Production of Sustainable Aviation Fuel (SAF) from Woody Biomass in the US
02.23.2024 - NEWS
February 23, 2024 [Sumitomo Corporation]- Sumitomo Corporation, through Sumitomo Corporation of A... Read More