India’s Adani Green Energy is considering raising about $1.5 billion to fund its green diversification in the country, Bloomberg News reported on Thursday, citing people familiar with the matter.
The renewable energy company, controlled by billionaire Gautam Adani, had previously said it would discuss plans to raise funds from institutional investors on Thursday.
The company plans to expand its green energy capacity by close to 3 gigawatts this fiscal year, spending around 140 billion rupees ($1.70 billion), finance chief Phuntsok Wangyal had said in May.
Adani Green Energy did not respond to Reuters’ request for comment.
India’s renewables sector has been one of the most lucrative sectors for international investors, finding its spot among one of the country’s top five industries for overseas funds last year.
In May, two other Adani group companies – Adani Transmission ADAI.NS and Adani Enterprise ADEL.NS – outlined plans to raise up to $2.57 billion after a U.S. short-seller’s critical report in January battered investor confidence.
The conglomerate’s seven listed entities have lost more than $100 billion in market value since Hindenburg Research’s report accused the group of unlawful use of offshore tax havens and stock manipulation. Adani has denied the allegations.
Adani Energy’s shares alone have halved in value so far this year. They were up less than 1% on Thursday.
($1 = 82.5190 Indian rupees)
Reuters