Adani Green's Clean Energy Drive: Plans to Raise ₹123 Billion

According to sources familiar with the matter, as reported by Bloomberg earlier today, the renewable energy company intends to utilize the funds to expand and diversify its green energy offerings in India.

By Admin Skynews Jul 6, 2023, 17:57 IST

Latest Updates: Adani Green Energy, led by billionaire Gautam Adani, announced today its approval to raise ₹123 billion through a qualified institutional placement. The purpose of these funds is to enhance and broaden the company's green energy portfolio in India, as reported earlier by Bloomberg, citing well-informed sources.

In line with its plans, the company aims to increase its green energy capacity by approximately 3 gigawatts during this fiscal year, with an estimated expenditure of around ₹140 billion. This was revealed by Adani Green Energy's finance chief, Phuntsok Wangyal, back in May.

The renewable energy sector in India has emerged as a highly profitable industry for global investors, ranking among the top five sectors attracting overseas funds last year.

During May, two additional companies under the Adani group, namely Adani Transmission and Adani Enterprise, announced their intentions to raise funds of up to $2.57 billion.