Adani Green Energy Limited (AGEL) announced that it had received approval from its shareholders to raise ₹25 billion (~$331 million).
The approval was granted during the company’s fifth annual general meeting (AGM) held on June 25, 2020.
In the notice of the meeting, the company had sought approval for raising the amount in domestic or international markets in one or more tranches.
It had also proposed to raise funds either through issuing equity shares or any securities linked to convertible or exchange able for equity shares. The company also suggested raising funds through global depository receipts, American depository receipts, convertible preference shares, or convertible or non-convertible debentures with commercial papers and warrants. Foreign currency convertible bonds or foreign currency exchange able bonds could also be considered, the notice added.
Adani Green recently secured the bid to develop solar projects of 8 GW along with setting up a solar cell and module manufacturing capacity of 2 GW. It was reported that the win, which was considered as the largest in the world in a single bid, would entail a total investment of approximately $6 billion (₹452 billion).
According to Mercom’s India Solar Project Tracker, AGEL has an installed solar PV capacity of nearly 2.4 GW and 10 GW of solar PV projects under various stages of development.
Last year, the company announced that its subsidiaries, Adani Renewable Energy Limited, Wardha Solar (Maharashtra), and Kodangal Solar Parks Private Limited, approved the issuance of dollar-denominated 20-year senior secured green bonds amounting to $362.5 million.
In May 2020, Adani Green had announced that its revenue rose 24% to ₹25.49 billion (~$339.8 million) in the financial year 2020, with revenue from power generation alone contributing ₹20.65 billion (~$275.3 million), thanks to the new projects being commissioned. The Gujarat-based solar and wind power developer said it sold 4,373 million units of power during the year, a 13% increase from last year, with newly commissioned projects, and the full period operationalization impact.
Earlier, AGEL announced that it entered into a joint venture with TOTAL Solar Singapore PTE Limited for about 2.1 GW of operating solar power projects presently owned by Adani.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.