Adani Group’s renewable energy arm may raise $200 million

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(Live Mint)

Adani Group’s renewable energy arm is seeking to raise external equity capital after having pumped in millions of dollars of its own money to build a pipeline of projects worth over 2 gigawatts (GW), two people aware of the development said.

The proposed fundraising could see Adani’s renewable arm—Adani Green Energy Ltd—raise as much as $200 million (about Rs1,300 crore), said one of the two people cited above, requesting anonymity, as the talks are private.

“They have been holding talks with various investment banks over the last couple of months for the same. So far, the group has self-funded the renewable business and has invested approximately Rs1,800-1,900 crore (close to $300 million) into the business,” the person said, adding that the group is looking to dilute around 30% in the business.

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