Journal logo

Adani Group to raise $1-1.5 billion for financing green energy projects

The Adani Group, one of India's largest conglomerates, has announced plans to raise between $1 billion and $1.5 billion in order to finance green energy projects. The funds will be raised through a mix of debt and equity, with the aim of supporting the development of renewable energy projects across India.

By kapilPublished 11 months ago 5 min read
Like
Adani Group to raise $1-1.5 billion for financing green energy projects
Photo by Amandine Lerbscher on Unsplash

The Adani Group, one of India's largest conglomerates, has announced plans to raise between $1 billion and $1.5 billion in order to finance green energy projects. The funds will be raised through a mix of debt and equity, with the aim of supporting the development of renewable energy projects across India.

This move comes as part of Adani's wider commitment to clean energy, which includes a goal of achieving 25 gigawatts (GW) of renewable energy capacity by 2025. The company currently has around 15 GW of renewable energy projects in various stages of development, including solar, wind, and hybrid projects.

In order to reach its target, Adani will need to continue to invest heavily in new projects. The funds raised through this latest financing round will be used to support the development of new renewable energy projects, including both ground-mounted and rooftop solar installations, wind farms, and hybrid projects that combine solar and wind energy generation.

The Adani Group has been a key player in India's transition to renewable energy, with a particular focus on solar energy. The company has invested heavily in solar projects over the past decade, including the world's largest single-location solar power plant in Kamuthi, Tamil Nadu, which has a capacity of 648 MW.

Adani is also involved in wind energy projects, and has set up a joint venture with Spanish company Elawan Energy to develop wind projects in India. The joint venture, called Adani Elawan Energy, aims to develop 1 GW of wind projects in the next few years.

The move towards green energy is not only driven by environmental concerns, but also by economic factors. Renewable energy has become increasingly cost-competitive with traditional sources of energy such as coal and gas, and the Adani Group is keen to take advantage of this trend.

In addition to the environmental and economic benefits of renewable energy, the Indian government has set ambitious targets for the sector. The government aims to achieve 175 GW of renewable energy capacity by 2022, including 100 GW of solar energy and 60 GW of wind energy.

This ambitious target has created significant opportunities for companies like Adani, which are well positioned to take advantage of the growing demand for renewable energy in India. The Adani Group is also expanding its renewable energy operations overseas, with projects in countries including Australia and the United States.

The Adani Group's commitment to green energy has not been without controversy, however. The company has faced criticism from environmental campaigners over its plans to build a coal mine in Australia, which they argue would be damaging to the environment and exacerbate climate change.

The proposed mine, known as the Carmichael mine, has faced opposition from environmental groups and indigenous communities in Australia, as well as from global investors who have raised concerns about the financial viability of the project.

Despite these challenges, the Adani Group has remained committed to its renewable energy goals, and is continuing to invest heavily in green energy projects both in India and overseas. With the backing of investors and the support of the Indian government, the company is well positioned to play a key role in the transition to renewable energy in India and beyond.

Adani Group's green energy push is not only driven by the economic and environmental benefits but also by the growing demand for sustainable energy solutions in India. The country's rapidly growing population and economy require a significant increase in energy production, and renewable energy has the potential to meet this demand while reducing greenhouse gas emissions and improving air quality.

In addition to renewable energy projects, the Adani Group is also investing in other sustainable solutions such as electric vehicles and energy storage systems. The company has launched an electric vehicle arm, Adani Electric Vehicles Limited (AEVL), with plans to produce a range of electric vehicles, including commercial vehicles, buses, and personal cars.

Furthermore, the Adani Group is investing in energy storage systems to address the intermittent nature of renewable energy sources such as solar and wind. The company has partnered with South Korea's Doosan Heavy Industries to manufacture energy storage systems in India, and has also set up a joint venture with an American energy storage company, Fluence, to provide energy storage solutions to customers in India and Southeast Asia.

Adani Group's green energy initiatives are also creating job opportunities and supporting local communities. The company's renewable energy projects are expected to create thousands of jobs in India, particularly in rural areas where employment opportunities are limited. Adani is also committed to supporting local communities through its corporate social responsibility initiatives, including programs focused on education, health, and infrastructure development.

The Adani Group's efforts to promote green energy in India have been recognized by the international community. In 2021, the company was ranked as the world's largest solar power developer by Mercom Communications India, a leading renewable energy consulting firm. The company's efforts have also been recognized by the Indian government, which has awarded Adani Group multiple contracts to develop renewable energy projects in the country.

In conclusion, the Adani Group's plans to raise between $1 billion and $1.5 billion to finance green energy projects in India is a significant step towards achieving its goal of 25 GW of renewable energy capacity by 2025. The company's commitment to renewable energy is not only good for the environment but also for the Indian economy and its people. As the world moves towards a more sustainable future, Adani is well positioned to be a leader in the transition to green energy.

business
Like

About the Creator

kapil

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights

Comments

There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.