Sunday, February 25, 2024

Adani Green stock jumps 3% on fundraise speculation and key solar deal


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Adani Green Energy Ltd is making headlines as its shares open 3% higher on December 26, anticipating a board meeting later in the day to review a proposal to raise funds. With plans to raise $2 billion by next year, the company is exploring various financial instruments, including private placement of debt, offshore bank loans, and bonds in both dollars and rupees.

Board Meeting and Fundraising Proposal:

  • Adani Green’s shares open 3% higher in anticipation of a board meeting to review a proposal for fundraising.
  • Bloomberg reports the company’s ambitious plan to raise $2 billion by the next year.

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Diversified Fundraising Instruments:

  • The company explores multiple instruments, including private placement of debt, offshore bank loans, and both dollar and rupee bonds.

Adani Green Solar Power Achievements:

  • Adani Green announces the completion of a power purchase agreement for 8,000 MW of solar power with Solar Energy Corporation of India.
  • The recent deal for the final tranche of 1,799 MW of solar power marks the culmination of Adani Green’s 8,000 MW manufacturing-linked solar tender secured in 2020.

Stock Performance:

  • Adani Green’s stock opens higher at Rs 1580 a share on BSE, gaining as much as 3%.
  • At 9.22 am, the stock is trading at Rs 1557 a share, up 1.6% from its previous close.

Power Purchase Agreements and Portfolio Overview:

  • Adani Green has secured power purchase agreements (PPAs) for 19.8 GW, leaving 20.6 GW as merchant capacity in its locked-in portfolio.
  • The company has 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.

Future Renewable Energy Goals:

  • CEO Amit Singh emphasizes alignment 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, showcasing a significant increase from their current operational portfolio.

Solar Manufacturing Initiatives:

  • Adani Green is involved in a SECI tender, setting up 2 GW of photovoltaic (PV) cell and module manufacturing facilities.
  • The company has initiated a solar PV cell and module manufacturing plant in Mundra, Gujarat, with a 2 GW per annum capacity.

Conclusion: Adani Green Energy’s strategic moves in fundraising, successful power purchase agreements, and commitment to solar manufacturing position it as a key player in India’s renewable energy landscape. With a focus on exceeding national targets and innovative initiatives, the company continues to make strides toward a sustainable energy future.

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