Adani Green to seek board nod to raise up to $1 billion

Adani Green Energy plans to seek board approval to raise between Rs 6,150 crore ($750 million) and Rs 8,200 crore ($1 billion) through a qualified institutional placement (QIP). This funding initiative aligns with the group's strategy to establish a financial buffer for its expansion efforts. Historically, Adani Green has secured such approvals annually, except in 2021. The raised capital will primarily be allocated to repay a $750 million bond maturing next year, which will be held in a dedicated account for this purpose. Additionally, Adani Green is in the process of renegotiating terms with TotalEnergies regarding a $4 billion investment in a green hydrogen project, initially agreed upon in 2022. Following concerns raised by a report from Hindenburg Research, Total has paused its plans to acquire a 25% stake in Adani New Industries Ltd (ANIL). Despite the complexities, Adani continues to advance its hydrogen manufacturing project in Mundra, which aims to harness renewable energy sources. The initial phase of manufacturing is expected to produce 1 million metric tonnes of green hydrogen annually, with ambitious long-term goals for capacity expansion. The outcome of these financial maneuvers and partnerships will be critical for the Adani Group's sustainability ambitions and overall growth trajectory in the renewable energy sector.