15 May Adani looks to raise equity for renewables pipeline
Indian multinational conglomerate Adani Group’s renewable energy arm is aiming to raise external equity to match the internal funds it has mustered for its extensive pipeline of projects.
Adani Green Energy, the firm’s renewables arm, is looking to attract up to US$200 million of investment to help build its various projects which will generate over 2GW of renewable energy.
An anonymous individual close to the developments said: “They [Adani Group] have been holding talks with various investment banks over the last couple of months.
“So far, the group has self-funded the renewable business and has invested approximately nearly $300 million into the business.”
The company’s renewables business currently has a number of operational wind and solar power projects totalling 760MW, with another 1,414MW under construction across India.
In March, India’s power minister Piyush Goyal said the country will add 15GW of solar power capacity by June 2018, while the Narendra Modi government is targeting a renewable energy capacity of 175GW by 2022.