Adani Green Energy, a leading renewable energy project developer in the country, incorporated a wholly-owned subsidiary company Adani Wind Energy (GJ) Limited (AWEGL) on August 21, 2018, according to a BSE filing made by the company.
According to the filing, AWEGL has authorised and paid up share capital of ₹100,000 ($1,426.58) with no turnover as the subsidiary is yet to commence its business operations. The shares have been acquired at a face value of ₹10 (~$0.14) per share.
Adani Green Energy has also acquired 100 percent stake of Adani Green Energy Pt Ltd (AGEPteL) from its Group firm Adani Global Pt Ltd, reported PTI.
According to another BSE filing, AGEPteL has authorised and paid-up share capital of $2,000 (₹140,195.04) with no turnover as on March 31, 2018. The shares have been acquired at a face value of $1 (₹70.10) per share.
The purpose of the acquisition of AGEPteL is to make it an investment arm of Adani Green Energy for international renewable businesses. AGEPteL was incorporated in March 2017 for investment in foreign markets.
The company recently posted a total revenue of ₹4.72 billion (~$67.60 million) in the first quarter of FY19, which is up 148 percent from ₹1.9 billion (~$27.21million) during the same period in 2017. The increase is mainly due to various projects being operationalised, the company said in a press statement. The operating capacity has increased to 1,958 MW-AC (Solar-1,898 MW and Wind -60 MW) up 176 percent year over Year (YoY).
Earlier, Adani Green Energy was also listed on the Bombay Stock Exchange (BSE). According to the BSE filing, it has a renewable portfolio of 3,145 MW – 997 MW of wind projects and 2,148 MW of solar projects. Of this, operational projects total 1,958 MW – 60 MW of wind and 1,898 MW of solar. The projects are spread across 12 Indian states, and have a total portfolio of 36 operational projects and three projects under construction.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer