Adani family plans to invest $1 billion in Adani Green Energy: Report

Billionaire Gautam Adani along with his family is planning an investment of $1 billion in Adani Green Energy, according to Bloomberg News.

The plan involves the issuance of preferential shares to the founders of Adani Green to support the company’s expansion endeavours and address refinancing needs, added the report, citing sources familiar with the development.

Adani Green’s board will explore various fundraising proposals in a scheduled discussion on December 26, including the possibility of selling shares or convertible securities.

It may be noted that Adani Green Energy has set a target of achieving 45 gigawatts of green energy capacity by the year 2030.

In anticipation of $1.2 billion in bond maturities in the coming year, the company is actively devising plans for repayment or refinancing.

The development has had a positive impact on market sentiment, leading to a rise of over 5 per cent in Adani Green’s shares on Thursday. This surge is part of a broader market rally that has also seen gains in other Adani Group companies.

Earlier this month, Adani Green successfully secured a substantial $1.36 billion loan from an international bank consortium.

This financial infusion is intended to facilitate the expansion of the company’s renewable power capacity.