Adani Green Energy Limited (AGEL) has announced that its subsidiaries have entered into significant investment agreements with RSWM Limited, marking a strategic move in the renewable energy sector. The agreements, executed on October 31, 2025, involve multiple subsidiaries of AGEL and are designed to meet captive power requirements while adhering to regulatory guidelines.

Key Details of the Agreements

The investment agreements involve two separate transactions:

1. Agreement 1:

   • Parties: Adani Renewable Energy Holding Eighteen Limited (AREH18L), Adani Solar Energy Jodhpur Six Limited (Generator 1), and RSWM Limited
   • Purpose: RSWM to subscribe to a minimum of 26% of the proportionate equity share capital in Generator 1

2. Agreement 2:

   • Parties: Adani Renewable Energy Holding Four Limited (AREH4L), Adani Renewable Energy Forty One Limited (Generator 2), and RSWM Limited
   • Purpose: RSWM to subscribe to a minimum of 26% of the proportionate equity share capital in Generator 2

These agreements follow the power consumption agreements signed on October 30, 2025, between the respective parties.

Shareholding Structure and Control

The agreements outline the following shareholding structures upon completion:

Despite RSWM's equity participation, Adani Green Energy will maintain control over both generator companies. AREH18L and AREH4L retain the right to appoint all directors on the boards of Generator 1 and Generator 2, respectively.

Strategic Implications

These agreements serve multiple strategic purposes:

1. Captive Power Arrangement: The structure allows RSWM Limited to meet the minimum captive shareholding requirements under captive power rules.
2. Regulatory Compliance: The agreements ensure adherence to captive power regulations while maintaining AGEL's operational control.
3. Flexibility: AGEL subsidiaries hold buyback rights for RSWM's shares upon termination of the power consumption agreements, providing a clear exit mechanism.

Financial and Regulatory Considerations

• The transactions are not classified as related party transactions, maintaining arm's length dealings between AGEL and RSWM Limited.
• The agreements are subject to customary approvals, indicating potential regulatory scrutiny.

Conclusion

These investment agreements represent a strategic move by Adani Green Energy Limited to expand its renewable energy footprint while complying with regulatory requirements. The structure allows AGEL to maintain control over its subsidiaries while enabling RSWM Limited to meet its captive power needs. As the renewable energy sector continues to evolve, such collaborative models may become increasingly common, balancing regulatory compliance with operational flexibility.

Adani Green Energy Limited (AGEL) has announced a significant move in the renewable energy sector, with two of its wholly-owned step-down subsidiaries signing agreements to supply hybrid solar-wind power to a commercial and industrial (C&I) customer.

Key Details of the Agreement

Significance of the Deal

This agreement marks a notable step in AGEL's strategy to expand its renewable energy portfolio and cater to the growing demand for clean energy solutions in the commercial and industrial sector. By combining solar and wind power sources, the company aims to provide a more stable and efficient power supply to its customers.

Regulatory Compliance

In line with regulatory requirements, AGEL promptly disclosed this information to the stock exchanges. The company filed the intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, demonstrating its commitment to transparency and corporate governance.

Market Impact

On the same day as the agreement, AGEL also responded to a query from BSE Limited regarding unusual volume movement in its equity shares. The company clarified that the movement was purely due to market conditions and was market-driven, with management having no control or knowledge of the reasons for the increased trading volume.

This hybrid power agreement, coupled with the market's reaction, underscores the growing interest in renewable energy projects and their potential impact on investor sentiment in the green energy sector.

As the renewable energy landscape continues to evolve, deals like this highlight the increasing integration of various clean energy sources to meet the diverse needs of commercial and industrial consumers. AGEL's move positions it strategically in the competitive renewable energy market.