Shares of Adani Green Energy Limited increased by 2.11% in the last 5 days and by 63.82% in the past six months. In the past three years, it has given returns of 5109.03%. This means that if an investor would have invested ₹1,00,000 in March 2019, the investment would have been worth ₹52 lakhs.
Adani Green Energy is primarily involved in the generation of renewable power and other ancillary activities. It is the holding company of several subsidiaries within the group.
Latest Developments
“Adani Green Energy Ltd (AGEL) has extended its Construction Financing Framework to USD 1.64 billion by raising a USD 288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders,” as per a company statement.
Earlier, billionaire Gautam Adani said that his logistics to energy conglomerate will invest USD 70 billion over the next 10 years in order to become the world’s largest renewable energy company and that it will try to produce the cheapest hydrogen on earth.
Initially, the facility will finance the 450MW hybrid portfolio of solar and wind renewable projects that the company is setting up in Rajasthan.
Seven international banks like Societe Generale, Intesa Sanpaolo S.p.A., Standard Chartered Bank, MUFG Bank, BNP Paribas, Coöperatieve Rabobank U.A., and Sumitomo Mitsui Banking Corporation are committed to the certified green hybrid project loan, according to the definitive agreements.
Extra liquidity will help AGEL to accelerate the energy transition and fast track the development of its under-construction asset portfolio. It is important to note that in one of Asia’s largest project financing deals, AGEL closed a $1.35 billion construction revolver facility.
Vneet S Jaain, MD and CEO, AGEL, in the statement said, “The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonising power generation.”
Financials
Adani Green Energy’s revenue from operations jumped 8% QoQ from ₹ 1,295 crores to ₹ 1,400 crores. On a year on year basis, it increased by an impressive 87% from ₹749 crores.
Its profit after tax is up 19.5% from ₹41 crores to ₹ 49 crores and its revenue from the power supply has increased by 54% YoY to ₹2,655 crores. It has a high promoter holding of 61.27%. As per experts, there is a huge demand for green energy and the future looks good.
Disclaimer
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