{"id":9260,"date":"2023-12-26T12:41:24","date_gmt":"2023-12-26T12:41:24","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9260"},"modified":"2023-12-26T12:41:24","modified_gmt":"2023-12-26T12:41:24","slug":"indias-adani-green-to-raise-1-12-bln-to-expand-renewable-capacity","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9260\/","title":{"rendered":"India’s Adani Green to raise $1.12 bln to expand renewable capacity"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India’s Adani Green Energy on Tuesday said its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity.<\/p>\n

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.<\/p>\n

The funds will be utilised to reduce the company’s debt and accelerate investment in various projects, it said.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

($1 = 83.1800 Indian rupees)<\/p>\n

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