adani group raises $4 billion for green hydrogen projects in India
Published on: October 27, 2023.
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India’s Adani Group Seeks $4 Billion for Green Hydrogen Plans
BENGALURU – India’s Adani Group is set to secure $4 billion in funding to support its ambitious green hydrogen plans, as reported by Bloomberg News on Thursday.
Adani New Industries, a subsidiary of Adani Enterprises, is currently engaged in preliminary discussions with multiple lenders to raise the required capital from both domestic and international banks. Sources familiar with the matter confirmed the news.
Although Adani Group, led by billionaire Gautam Adani, has not provided an immediate response to Reuters’ request for comment, the company’s efforts to leverage green hydrogen for sustainable energy projects have gained significant momentum.
In a major development last September, French oil major TotalEnergies announced its intent to invest $300 million in a joint venture with Adani Green Energy. The partnership aims to build renewable capacity in India, thereby contributing to the nation’s transition to clean energy.
According to Bloomberg’s report, the fresh capital raise by Adani New Industries will be conducted independently of Total. The funds will largely be directed towards various projects, including a state-of-the-art green hydrogen facility in Gujarat, with a production capacity of one million metric tons per annum. The facility, expected to commence operations by 2027, will be one of the pioneering projects to benefit from the raised capital.
Green hydrogen, produced using renewable energy sources, holds immense promise in decarbonizing various sectors, such as transportation, power generation, and industrial processes. With its efforts to secure substantial funding for green hydrogen initiatives, the Adani Group is poised to play a pivotal role in India’s renewable energy landscape.
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