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Adani group plans to raise $800 million for green energy projects
Adani group is in discussions with global banks, including SMBC, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc for fundraising, the report said
Adani Group is mulling to raise nearly USD 800 million for new green energy projects, news agency Bloomberg reported Thursday, citing people familiar with the matter.
The Indian conglomerate is in discussions with global banks, including SMBC, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc, the report said.
The size of the fundraise could range from about USD 700 million to some USD 800 million, the report said adding that the plan and size can vary as it is not finalised.
This could be Adani Group's biggest borrowing since short-seller Hindenburg Research report sparked a share rout in January, the report added.
The group's seven listed stocks, including Adani Green Energy Ltd, lost roughly $114 billion in market value earlier this year after the short-seller report accused the group of unlawful use of offshore tax havens and stock manipulation. The Adani Group has denied the allegations.
Meanwhile, the renewable energy sector of the country is attracting increasing foreign investment, and was among the top five industries for overseas funds last fiscal year, with a 5% share of all inflows from April to September 2022, compared with 3.3% in the same period a year ago.
India’s installed renewable energy capacity has increased 396% in the last 8.5 years and stands at more than 174.53 Giga Watts (including large Hydro), which is about 42.5% of the country’s total capacity (as of February 2023). India saw the highest year on year growth in renewable energy additions of 9.83% in 2022.
The installed solar energy capacity has increased by 24.4 times in the last 9 years and stands at 63.3 GW as of Feb 2023. The installed Renewable energy capacity (including large hydro) has seen an increase of around 128 % since 2014.
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First Published:27 Apr 2023, 07:40 PM IST
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