The Adani Group, one of India’s largest conglomerates, is planning to raise $1-1.5 billion to finance its green energy project. The group has been focusing on expanding its presence in the renewable energy sector, and this latest move is aimed at boosting its efforts in this area.
According to sources, the Adani Group is looking to raise the funds through a mix of debt and equity. The funds will be used to finance the group’s green energy projects, which include solar and wind power plants, as well as other renewable energy projects.
The move by the Adani Group comes as India looks to expand its renewable energy capacity. The country has set an ambitious target of having 175 gigawatts (GW) of renewable energy capacity by 2022. This includes 100 GW of solar power, 60 GW of wind power, 10 GW of biomass, and 5 GW of small hydro power.
The Adani Group has been a major player in the renewable energy sector in India. In 2015, the company set up a subsidiary, Adani Green Energy Ltd, to focus on its renewable energy business. Since then, the company has invested heavily in the sector, and has become one of the largest renewable energy companies in the country.
Adani Green Energy has a total renewable energy portfolio of 14.8 GW, which includes 11.5 GW of projects under implementation and 3.3 GW of operational projects. The company is also planning to develop a 10 GW solar park in Rajasthan, which will be the largest solar park in the world.
The Adani Group has been working on a number of green energy projects in recent years. In 2020, the company commissioned a 50 MW solar power plant in Chitrakoot, Uttar Pradesh. The plant was built at a cost of Rs 315 crore, and is expected to generate around 85 million units of electricity per year.
The company has also been working on a number of wind power projects. In 2019, Adani Green Energy commissioned a 50 MW wind power project in Kutch, Gujarat. The project was built at a cost of Rs 270 crore, and is expected to generate around 110 million units of electricity per year.
The Adani Group’s plans to raise funds for its green energy projects comes at a time when the renewable energy sector in India is seeing a surge in investments. In 2020, India attracted $10.2 billion in renewable energy investments, making it the fifth largest renewable energy market in the world.
The growth in the renewable energy sector in India has been driven by a number of factors, including the government’s push to increase renewable energy capacity, falling prices of solar and wind power, and the entry of new players into the market.
The Adani Group is not the only company that is looking to capitalize on the growth in the renewable energy sector in India. A number of other companies, including Tata Power, Reliance Industries, and Azure Power, have also been investing heavily in the sector.
Despite the growth in the renewable energy sector in India, there are still a number of challenges that need to be addressed. One of the biggest challenges is the lack of adequate infrastructure to support the growth of the sector.
According to industry experts, India needs to invest heavily in its transmission infrastructure to support the growth of the renewable energy sector. The country also needs to address issues related to land acquisition and the availability of financing for renewable energy projects.
Despite these challenges, the Adani Group remains bullish about the growth prospects of the renewable energy sector in India. The company’s plans to raise funds for its green energy projects is a testament to its commitment to expanding its presence in this sector, and to India’s push towards becoming a global leader in renewable energy.
