According to reports, Adani Group is looking to raise as much as USD 4 billion to help develop manufacturing plants that would produce low-cost green hydrogen.
Oct 26, 2023
According to reports, Adani Group is seeking to raise as much as USD 4 billion to fund its green hydrogen plans. In early-stage discussions with several lenders, Adani New Industries Ltd. unit’s Adani Enterprises, will raise the money from domestic and international banks. In a joint venture, France’s TotalEnergies SE and Adani said in June they plan to invest USD 5 billion to produce green hydrogen and related products in India. A fresh capital raise will be conducted by Adani New Industries independent of TotalEnergies. A 1 million metric ton per annum green hydrogen facility in the western state of Gujarat will be among the first few projects to receive the capital, the report said. Mr. Gautam Adani has said in the past that 75 percent of the group’s forecast capital expenditure will be in green businesses and his companies plan to invest USD 20 billion over the next decade in renewables, green component manufacturing, and related infrastructure.