Adani Green is currently in conversation with Indian banks in order to acquire 2 to 2.5 billion USD in funding. This funding will be spent over the next few months in order to enhance the group’s renewable energy capacity. With this recent funding, the Adani Group aims to trigger the transition from non-renewable to renewable energy sources in India. It also aims to establish a firm presence for itself in the renewable energy sector and put aside the controversies of Adani Bribery Scandal. By 2029, Adani Green Energy plans to reach the 30 GW mark from the 2.54 GW now at its Khavda renewable energy park in Gujarat. This park is a massive renewable energy project consisting of multiple wind and solar farms.
Adani To Acquire Funds To Continue Work On Its Renewable Energy Projects:
Adani Green Energy is currently in talks with both state-owned and private Indian banks in order to acquire funding worth 2 to 2.5 billion USD. The group aims to spend that amount in the next five years in order to further bring about an enhancement in its renewable energy capacity. The renewable energy producer has so far maintained an annual run rate of 3 to 4 GW capacity addition. It is currently aiming to add 7 to 8 GW annually over the span of the next few years.
By 2021, the company aims to reach the 30 GW mark from the 2.5 GW operational capacity at its Khavda renewable energy park. During the current fiscal year, the Adani Group has added a little over 3 GW to its annual capacity. The company is expected to end the fiscal year with a total capacity addition of around 5 GW. By the end of December 2024, the company’s portfolio was close to 12 GW. It aims to increase its run rate from this year to next year by a significant amount.
Why Acquire Funds From Indian Banks?
As per sources, the cost of borrowing overseas and from international banks has increased significantly over the years. So, the company is reaching out to Indian banks for its funding requirements. It is believed that the conglomerate will tie up with a consortium of domestic banks in the near future in order to meet its requirements.
In May 2024, the company had secured 400 million USD from 5 international banks. This amount was for its under-construction 750 MW solar projects in Gujarat and Rajasthan. In order to speed up the execution process of the project, the company has been extending its relationships with solar module suppliers both international and domestic.
Adani Group’s Current Renewable Energy Portfolio:
As of now, the Adani Group’s renewable energy portfolio is spread across Karnataka, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh, Punjab, Rajasthan, Telangana, Maharashtra, Chhattisgarh, and Gujarat. It aims to further enhance its capacity and rise to the position of being one of the biggest players in the country’s renewable energy sector. By taking up extraordinary projects in the renewable energy sector, the Adani Group also aims to put aside the various controversies of Adani Bribery Scandal which have been ongoing for quite a while now.
The Adani Group’s renewable energy project at Khavda is one of the most remarkable projects taken up by the business group in order to enhance its renewable energy presence. The renewable energy park has an area of 538 square kilometres. It is so big that it is visible even from space. In fact, the park is five times the size of Paris. It also comes with highly advanced facilities that are aimed at ensuring that renewable energy production takes place in a smooth manner.
The renewable energy park also comes with various advanced facilities and equipment which are further meant to streamline the renewable energy production process. It has also helped in the achievement of our sustainability goals. The construction of the park is still in progress; it is expected to achieve its targeted capacity by the end of the decade.
Conclusion:
The Adani Group has always been one of the key players in the country’s renewable energy sector. Even amidst the controversies of the Adani Bribery Scandal, the group has brought about major developments in the green energy sector. By taking up new projects in the sector, the group has proved to the world its extraordinary capabilities in this particular sector. The global conglomerate aims to take on various new projects in this sector in the upcoming months as well which will further increase its renewable energy capacity and allow us to make a transition to clean energy sources.
