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Adani Green shares opens 3% higher ahead of todays' board meet to raise funds
Shares of Adani Green Energy Ltd opened 3 percent higher on December 26 ahead of its board meeting scheduled later in the day to review a proposal to raise funds. News agency Bloomberg recently reported that the Adani group company plans to raise $2 billion by next year. Adani Green is exploring various instruments, including private placement of debt, offshore bank loans as well as dollar and rupee bonds. Adani Green has also completed the power purchase agreement for 8,000 MW of solar power with Solar Energy Corporation of India. The company on December 22 announced a deal for the final tranche of 1,799 megawatts of solar power supply. This agreement marks the culmination of Adani Green's 8,000 MW manufacturing-linked solar tender secured in 2020. The stock opened higher at Rs 1580 a share on BSE and gained as much as 3 percent. At 9.22am, the stock was trading at Rs 1557 a share, up 1.6 percent from its previous close. India's benchmark Sensex rose 0.02 percent to 71120 points. Adani Green Energy has secured power purchase agreements (PPAs) for 19.8 GW, leaving 20.6 GW as merchant capacity in its locked-in portfolio. They've allocated over 200,000 acres of land in resource-rich Indian regions, ensuring a fully de-risked portfolio for executing 45 GW capacity by 2030. CEO Amit Singh highlighted that their agreement with SECI aligns with India's goal of achieving 500 GW of non-fossil fuel capacity by 2030. Adani Green aims to exceed this target by delivering over 45 GW of renewable energy, marking a substantial increase from their current operational portfolio. The SECI tender involves setting up 2 GW of photovoltaic (PV) cell and module manufacturing facilities. Adani Green has initiated a solar PV cell and module manufacturing plant in Mundra, Gujarat, boasting a 2 GW per annum capacity through its associate company, Mundra Solar Energy Ltd, where Adani Green holds a 26 percent share through its subsidiary, Adani Renewable Energy Holding Four Ltd. Source - Money Control
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