Adani Green Promoters Bought Over Rs 3,300 Crore Stake From Open Market In May
The renewable arm of the Adani Group has upscaled the renewable energy capacity target of 2030 from 45 GW to 50 GW.
Promoters of Adani Green Energy Ltd. acquired nearly 1% stake in the company, through open market purchases in May, according to an exchange filing. Promoter group arm, Ardour Investment Holding Ltd., acquired nearly 1.82 crore shares valued nearly Rs 3,300 crore, at an average price of Rs 1,821 apiece during the month.
The renewable arm of the Adani Group has upscaled the renewable energy capacity target of 2030 from 45 gigawatts to 50 gigawatts. It operates the largest operational renewable energy portfolio of 10.9 gigawatts and is currently in the process of operationalising 30 gigawatts renewable energy project in Khavda, Gujarat,
The company's operational capacity grew by 35% to 10,934 megawatt, with the greenfield addition of 2,418 megawatt solar and 430 megawatt wind projects. In the last five years, its operational capacity addition has grown by a compounded annual growth rate of 41%, outpacing the industry rate of 13%.
The company plans to operationalise greenfield capacity of 6 gigawatt, or 6,000 megawatt in the current fiscal.
Providing a reaffirmation of their commitment, the promoter group subscribed to convertible warrants of Rs 9,350 crore, with 25% of the proceeds already received and remaining amount to be received within 18 months, the company said in its annual report. The financial milestones achieved during the year revalidates Adani Green’s strong business model, it said.
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