Adani Green Energy’s m-cap now stands at Rs 4.22 trillion, surpassing telecom services major Bharti Airtel that has a market-cap of Rs 4.16 trillion.
With today’s rally, the stock has zoomed 29 per cent in the past two trading days after UAE’s International Holding Company (IHC) agreed to invest Rs 3,850 crore in Adani Green Energy through preferential issue.
On Friday, the company’s board approved allotment of up to 20.02 million equity shares at Rs 1,923.25 per share, aggregating up to Rs 3,850 crore, to IHC Capital Holding LLC incorporated under the Laws of Abu Dhabi, UAE or a subsidiary or an affiliated special purpose vehicle of IHC Capital Holding LLC for cash consideration by way of a preferential issue on a private placement basis.
Adani Green Energy has one of the world’s largest renewable portfolios, with locked-in growth of 20.4 gigawatts (GW) across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The company’s key customers are Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.
Adani Green has set a target of achieving 45 GW renewable energy capacity by 2030, 10 percent of the Government of India’s 450 GW countrywide renewable energy target.
Last month, Adani Green had extended its construction financing framework to $1.64 billion by raising $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with group of leading international lenders.
The facility will initially finance the 450 megawatt hybrid portfolio of solar and wind renewable projects being set up in Rajasthan, India. In March 2021, the company had closed one of Asia’s largest project financing deals of $1.35 billion construction revolver facility.
