Adani Green Energy To Raise $1.5 Bn Through QIP

Adani Green Energy (AGEL) on Thursday unveiled its plans to raise Rs 12,300 crore (USD 1.5 billion) through a qualified institutional placement (QIP).

The funds raised through this share sale will be utilised to expand AGEL's green energy operations. The company will look to eliminate its reliance on foreign capital resources, as QIPs enable listed companies to raise capital independently.

In a regulatory filing, AGEL stated that the fundraising proposal is subject to various necessary approvals, including those from the company's shareholders and regulatory bodies. To obtain approval from shareholders, AGEL intends to conduct a postal ballot.

AGEL has been making significant strides in India's renewable energy landscape and has emerged as the largest player in the sector. In March, the company announced that its operational renewable portfolio had reached a capacity of 8,024 MW. This milestone was achieved with the inauguration of AGEL's fourth wind-solar hybrid power plant located in Jaisalmer, Rajasthan.

Looking ahead, AGEL has set an ambitious target of achieving a renewable energy capacity of 45 GW by the year 2030. With the funds raised from the QIP, the company aims to accelerate its growth and further expand its operations in the green energy sector.