Adani Green Energy Limited (AGEL), the subsidiary of Adani Group, has set up three new subsidiaries to expand its renewable energy portfolio. Following this development, the shares of Adani Green surged 3.06% to hit an intra-day high of ₹2,220. These new subsidiaries are Adani Renewable Energy Thirty Six, Adani Renewable Energy Forty Ltd, and Adani Renewable Energy Forty Seven Ltd. The company has paid ₹1,00,000 for each of the new subsidiaries.
“The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy,” Adani Green said in a statement.
“New subsidiaries are incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad on October 03, 2022, and are yet to commence their business operations,” it added.
Notably, the shares of other subsidiaries of Adani Group were trading higher on Tuesday, thus reversing the losses on the previous day. The shares of Adani Enterprises hit an intra-day high of ₹3,285, while Adani Power was up 2.7% to hit an intra-day high of ₹369.
The development comes at a time when Adani Group is planning to expand its renewable energy portfolio in order to compete with rival Mukesh Ambani-led Reliance Industries, which has pledged to invest ₹75,000 crore with an aim to achieve the net-zero carbon target by 2035.
Notably, in its annual meeting in July, Adani Group’s chairman Gautam Adani said the group will be investing around $70 billion by 2030 in order to facilitate India’s green transition. Adani Group, which is one of the largest developers of solar power, has a market capitalisation of ₹3.73 lakh crore.
"We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy," Adani had said. In September, Adani Group was commissioned to set up the world’s largest wind-solar hybrid power plant of 600 MW capacity in Jaisalmer, Rajasthan. The plan has power purchase agreements (PPA) with Solar Energy Corporation of India (SECI) at ₹2.69/kwh for 25 years, Adani Green said. The hybrid plant is housed in two AGEL subsidiaries namely Adani Hybrid Energy Jaisalmer Two Ltd (AHEJ2L) and Adani Hybrid Energy Jaisalmer Three Ltd.
