The Indian conglomerate is reportedly in talks with global banks to raise funds for new green energy projects as the renewable energy sector continues to attract foreign investment.
Adani Group, the Indian conglomerate, is reportedly considering raising nearly $800 million to fund new green energy projects, reports Bloomberg citing sources.
The company is said to be in discussions with global banks such as SMBC, DBS Bank, Mitsubishi UFJ Financial Group and Standard Chartered Plc.
The amount of the fundraise could range from about $700 million to $800 million, and the plan and size are not finalised yet.
ALSO READ: Net Zero Summit 2023: Accelerating India’s Energy Transition to Net Zero
If the company goes ahead with the fundraise, it would be Adani Group’s biggest borrowing since a short-seller’s report sparked a share rout in January. Adani Group’s seven listed stocks lost about $114 billion in market value earlier this year.
ALSO READ: Changing the Narrative: From being a Victims to a Possible Agent of Climate Mitigation
The renewable energy sector of India has been 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.
India’s installed renewable energy capacity has increased 396% in the last 8.5 years, and stands at more than 174.53 Giga Watts, which is about 42.5% of the country’s total capacity as of February 2023.