The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the Companies Act 2013.[9][10]
During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori, Madhya Pradesh.[11] Also, AGEL bought Inox Wind's 50 MW wind power project at Dayapar village in Kutch. The project was conceived by the latter when it won a Solar Energy Corporation of India's capacity bids for wind power projects connected to the National Grid.[12]
As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.[18]
In May 2020, AGEL won the world's largest solar bid worth $6 billion by the Solar Energy Corporation of India (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.[19][20]
In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]
Green bondsedit
In late 2019, AGEL became the first Indian company to offer investment-grade US dollar green bonds worth US$362.5 million[22] to foreign investors.[23] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019[24] and it will mature on the same date in 2039.[25]
Acquisitionsedit
In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.[10] In 2019, AGEL acquired the rest 51 percent equity share as well.[26][27]
In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205MW located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx. ₹1,300 crores).[28] AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.[29]
In early 2020, French energy company Total S.A. entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[30][31]
In May 2021, AGEL acquired SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]
Controversiesedit
Rajasthan Solar Parkedit
Local farmers have opposed to construction of 1.5GW solar park at Pokhran after which High Court of Rajasthan has ordered status quo.[32]
Allegations of stock manipulationedit
In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.[33][34][35][36] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[37][38] Adani denied the fraud allegations as unfounded and ill intentioned.
^"Vneet S. Jaain | Managing Director & CEO, Adani Green Energy Ltd".
^Market, Capital (10 July 2020). "Board of Adani Green Energy appoints MD& CEO". Business Standard India.
^ abcde"Adani Green Energy Ltd financials". moneycontrol.com.
^"Adani Green Energy Limited - Annual Report". Adani Group. Retrieved 13 April 2023.
^"Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol". m.moneycontrol.com. Retrieved 5 March 2020.
^Mix (30 November 2016). "India has built the world's largest solar power plant". The Next Web. Retrieved 13 March 2020.
^"Massive Infrastructure Projects Are Failing at Unprecedented Rates". National Geographic News. 20 November 2017. Archived from the original on 11 January 2020. Retrieved 13 March 2020.
^"India Unveils World's Largest Solar Power Plant". interestingengineering.com. 11 December 2016. Retrieved 13 March 2020.
^"Adani Green Energy History | Adani Green Energy Information - The Economic Times". economictimes.indiatimes.com. Retrieved 5 March 2020.
^ ab"Adani Green Energy Ltd". Business Standard India. Retrieved 5 March 2020.
^"Inox Wind bags two 70-MW wind energy projects from Adani Green". The Economic Times. 12 April 2016. Retrieved 5 March 2020.
^"Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy". BloombergQuint. 16 October 2019. Retrieved 12 March 2020.
^"Adani, Rajasthan govt form jt venture to set up solar park". @businessline. 15 June 2015. Retrieved 5 March 2020.
^Jain, Hiteshkumar (11 December 2017). "Adani Enterprises to demerge renewable energy business". M&A Critique. Retrieved 12 March 2020.
^"Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure". www.saurenergy.com. Retrieved 12 March 2020.
^"Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Retrieved 19 December 2022.
^"Adani Green Energy arm bags 130-MW wind power project from SECI". The Economic Times. 20 June 2019. Retrieved 5 March 2020.
^"Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors". www.moneycontrol.com. Retrieved 5 March 2020.
^"Adani Green hits new high on winning world's largest solar bid worth $6 bn". Business Standard India. 9 June 2020. Retrieved 30 June 2020.
^"Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express. 9 June 2020. Retrieved 10 June 2020.
^ abAnuron Kumar Mitra. "India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal". Nasdaq. Reuters. Retrieved 19 May 2021.
^"Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest". www.saurenergy.com. Retrieved 12 March 2020.
^"The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond". esg.theasset.com. Retrieved 12 March 2020.
^"Adani Green Energy arms to issue bonds worth $362.5 million". Moneycontrol. 4 October 2019. Retrieved 12 March 2020.
^Market, Capital (4 October 2019). "Adani Green Energy to issue USD 362.50 million Green Bonds". Business Standard India. Retrieved 12 March 2020.
^PTI (12 January 2019). "Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks". @businessline. Retrieved 12 March 2020.
^"Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks". Business Standard India. Press Trust of India. 12 January 2019. Retrieved 12 March 2020.
^Thomas, Tanya (26 September 2019). "Essel Group in talks with Adani to sell solar energy assets". Livemint. Retrieved 12 March 2020.
^Laghate, Gaurav (15 December 2019). "Adani Green may buy rest of Essel's 480-MW solar assets". The Economic Times. Retrieved 12 March 2020.
^"Adani Green Energy surges after signing deal with Total for $510 million". The Economic Times. 14 February 2020. Retrieved 12 March 2020.
^Market, Capital (14 February 2020). "Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture". Business Standard India. Retrieved 12 March 2020.
^"Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran". Business Standard India. Press Trust of India. 8 September 2020. Retrieved 10 March 2021.
^"Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. Retrieved 24 January 2023.
^Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times. Retrieved 25 January 2023.
^Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times. Retrieved 25 January 2023.
^Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC. Retrieved 25 January 2023.