Business News | Adani Green Announces New Subsidiary Adani Green Energy Sixty Eight Limited to Focus on Renewable Energy Generation
Get latest articles and stories on Business at LatestLY. Adani Green Energy Limited (AGEL) has announced the incorporation of a new wholly owned subsidiary, Adani Green Energy Sixty Eight Limited (AGE68L); on Saturday, the company stated in its exchange filing.
New Delhi [India], December 28 (ANI): Adani Green Energy Limited (AGEL) has announced the incorporation of a new wholly owned subsidiary, Adani Green Energy Sixty Eight Limited (AGE68L); on Saturday, the company stated in its exchange filing.
According to the AGEL's filing to the exchanges, the Adani Green Energy Sixty Eight Limited (AGE68L) is incorporated in India. The Adani Green Energy Sixty Eight Limited will work in the renewable energy sector.
In the exchange filing, the company stated, "Adani Renewable Energy Holding Nine Limited, a wholly owned subsidiary of the company, has incorporated a wholly owned subsidiary, namely, Adani Green Energy Sixty Eight Limited ("AGE68L") on December 28, 2024."
The main objective of AGE68L is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy, the company stated in the filing.
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The authorised capital and paid-up capital of AGE68L is kept at Rs 1,00,000, the filing added.
Adani Renewable Energy Holding Nine Limited, a wholly owned subsidiary of the company, holds 100 percent share capital of AGE68L.
AGE68L is incorporated in India and registered with the Registrar of Companies, Gujarat, at Ahmedabad and is yet to commence its business operations, as per the filing.
AGEL is a major renewable energy company, enabling the clean energy transition. AGEL develops, owns, and operates utility-scale, grid-connected solar, wind and hybrid renewable power plants.
AGEL is developing a massive 30 GW renewable energy plant at Khavda in Gujarat. This is spread over an area of 538 sq km. This project is expected to set a global benchmark for the development of ultra-large-scale renewable energy plants.
Within 12 months of breaking ground in 2023-24, AGEL operationalised the first 2 GW solar capacity.
Over the last 6 months, it operationalised 250 MW of wind capacity and further made significant on-the-ground progress despite the monsoon, which will pave the way for significant capacity addition in the second half of the current financial year.
AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India's decarbonisation goals. (ANI)
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