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					</table><p>Renewable energy developer <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> will raise ₹93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, which include <a href="https://www.ardourcapital.com/" target="_blank" rel="noopener">Ardour Investment Holding</a> and <a href="https://www.adanirealty.com/" target="_blank" rel="noopener">Adani Properties</a>, at a share price of ₹1,480.75 (~$17.80) per share.</p>
<p>The company’s board of directors approved the issuance on December 26, 2023, to raise funds to help reduce the company debt and accelerate capital expenditure to achieve the 45 GW renewable capacity target by 2030.</p>
<p>The transaction will see the issuance of 63,143,677 warrants constituting up to 3.833% of the company&#8217;s share capital.</p>
<p>Each warrant will be convertible into or exchangeable for one full paid-up equity share of the company of the face value of ₹10 (~$0.120), which can be exercised in one or more tranches during the first 18 months after the date of allotment.</p>
<p>The issuance is pending approval from regulatory and statutory authorities and company shareholders, who are expected to convene on January 18, 2024, to discuss the same.</p>
<p>The transaction <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">follows</a> the company’s senior debt facility of $1.36 billion from eight leading international banks earlier this month, taking the total capital raised to $3 billion. The financing is expected to be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat.</p>
<p>The company has a total of 20.6 GW of pipeline capacity and has secured land of over 200,000 acres, equivalent to over 40 GW of additional capacity in resource-rich areas of the country.</p>
<p>In September 2023, TotalEnergies, a French oil and gas major, <a href="https://www.mercomindia.com/total-300-million-new-5050-joint-venture-adani-green" target="_blank" rel="noopener">announced</a> that it would invest $300 million to form a new 50:50 joint venture with Adani Green Energy. The new joint venture will comprise 1,050 MW of renewable assets, including 300 MW of operational assets, 500 MW of assets under construction, and 250 MW of assets under development with a blend of solar and wind power.</p>
<p>In August, INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares for ₹39.2 billion (~$472 million).</p>
<p>Adani Green Energy was ranked second in Mercom Capital’s <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">Leading Global Large-Scale Solar PV Developers Report</a> released recently. The company also emerged as India&#8217;s leading utility-scale solar project developer during the first half of 2023 in Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Adani Green Promoters to Infuse ₹93.5 Billion to Accelerate Renewable Deployment


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					</table><p>Wind energy solutions provider <a href="https://inoxwind.com/inox-wind/" target="_blank" rel="noopener">Inox Wind</a> has announced an investment of approximately ₹5 billion (~$60 million) from its main promoter and affiliated group entities.</p>
<p>The capital infusion was realized through an equity share sale of the company by its promoter and associated group entities, facilitated through block deals.</p>
<p>The generated funds will be used to settle Inox Wind&#8217;s debts.</p>
<p>Kailash Tarachandani, the CEO of Inox Wind, stated, &#8220;The recent fundraising initiative led by Inox Wind&#8217;s promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavors. The unwavering commitment, which our long-term investors have shown in Inox Wind Limited, stands as a testament to their trust and confidence in the company.&#8221;</p>
<p>Inox Wind has four manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh.</p>
<p>In December 2022, the promoters <a href="https://mercomindia.com/promoters-infuse-%e2%82%b96-2-billion-to-help-cut-debt/" target="_blank" rel="noopener">infused</a> ₹6.2 billion (~$75.34 million) into the company, reducing debt in the wind business and the group company.</p>
<p>In August this year, the company approved a plan to secure up to ₹8 billion (~$97.2 million) through the issuance of non-convertible, non-cumulative, participating, redeemable preference shares, constituting 0.01%, in a private placement arrangement with the promoter&#8217;s group.</p>
<p>The company has disclosed that these funds were employed to settle the advances received from its parent company, Gujarat Fluorochemicals. This capital infusion was directed toward establishing additional wind power capacity.</p>
<p>Recently, Inox Wind, along with its subsidiary Inox Green Energy Services, <a href="https://www.mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts" target="_blank" rel="noopener">settled</a> loans amounting to ₹1.61 billion ($19.56 million) and ₹2.5 billion ($30.37 million).</p>
<p>In its third quarter of FY 2023, the company <a href="https://www.mercomindia.com/inox-winds-net-loss-to-%e2%82%b92-8-billion" target="_blank" rel="noopener">stated</a> that other strategies the company used to reduce debts include a reduction in interest-bearing liabilities to over ₹11 billion (~$132.7 million), including ₹3.3 billion (~$39.8 million) in Inox Green Energy Services.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Inox Wind Raises ₹5 Billion Through Share Sale, Aims to Turn Debt-Free

<p><a href="http://www.cleanmaxsolar.com" target="_blank" rel="noopener">CleanMax Solar</a>, an Indian rooftop solar developer, has raised $15 million (~₹964.52 million) in investment from the International Finance Corporation (<a href="http://www.ifc.org" target="_blank" rel="noopener">IFC</a>), a member of the World Bank Group. The IFC will invest in compulsorily convertible debentures in CleanMax Solar. This is the first time IFC is buying equity shares in a distributed-generation firm.</p>
<p>The proceeds of the IFC investment will be utilized to fund the construction of green field solar projects across India. For the purposes of corporate due diligence, IFC reviewed and visited two greenfield solar projects developed by CleanMax Solar in the states of Karnataka (30 MW) and Tamil Nadu (30MW) to identify associated environmental, health and safety and social (E&amp;S) risks and mitigation measures. The IFC in January 2017, had announced that it was planning to make $15 million (~₹964.52 million) investment in CleanMax Solar.</p>
<p>This is the second major funding raised by CleanMax Solar this year through equity sale. In <a href="https://mercomindia.com/cleanmax-solar-raises-100-million-funding-warburg-pincus/" target="_blank" rel="noopener">July 2017</a>, the company raised $100 million (₹6.5 billion) in equity financing from Warburg Pincus, a New York-based private equity firm.</p>
<p>According to Press Trust of India (PTI), CleanMax Solar founder and Managing Director Kuldeep Jain said, &#8220;IFC is a global leader in clean energy investment, and CleanMax is honored to be their first investment globally in grid connected distributed generation. We welcome IFCs best in class environmental, health &amp; safety, and governance guidelines.&#8221;</p>
<p>IFC Regional Industry Head (Infrastructure &amp; Natural Resources) Hyun-Chan Cho said, &#8220;IFC sees distributed generation segment playing a very important role in India’s future energy mix.</p>
<p>The investment by IFC is in line with its plans. A recent IFC report identified $3.1 trillion (~₹199.33 trillion) of climate investment opportunities in India. Per IFC, the national target of generating 175 GW of renewable energy by 2022 represents almost $448 billion (~₹28.8 trillion) in investment potential. This will be crucial given India’s aim to electrify all new vehicle sales by 2030, creating a potential investment opportunity of almost $670 billion (~₹43.08 trillion) if this goal is fully met.</p>
<p>In a <a href="https://mercomindia.com/interview-module-suppliers-backing-away-supply-agreements/" target="_blank" rel="noopener">recent interview</a> with Mercom, the chief operating officer of CleanMax Solar had said, “we are focused on rooftop solar. The entire fund will be utilized to consolidate our position in this sector so that we can emerge as the largest rooftop project installer. We plan to take few projects on our books of account. A part of the fund will also be used to expand in newly emerging markets in the Middle East and Southeast Asia, where we have setup offices,” when asked about the utilization of recently raised funds.</p>
<p>Image credit: CleanMax Solar</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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CleanMax Solar Raises $15 Million (~₹964.52 Million) from IFC

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