Adani Group Seeks USD 4 Billion for Green Hydrogen Plant Development
The Adani Group, led by Gautam Adani, is in the process of raising up to USD 4 billion to facilitate the construction of manufacturing plants for low-cost green hydrogen, as confirmed by sources familiar with the matter.
October 27, 2023. By News Bureau
Adani New Industries Ltd., a wholly owned subsidiary of Adani Enterprises Ltd., is taking the lead in securing this funding from domestic and international banks and has initiated preliminary discussions with several lenders.
The ambitious green hydrogen project follows Adani's partnership with France's TotalEnergies SE, announced in June, where both companies pledged USD 5 billion to produce green hydrogen and related products in India. This endeavor aligns with India's efforts to decarbonise and combat pollution as the world's third-largest emitter of greenhouse gases.
Gautam Adani has publicly stated that 75 percent of the group's projected capital expenditure will be directed toward green initiatives, with USD 20 billion earmarked for investments in renewables, green component manufacturing, and related infrastructure over the next decade.
Tycoons like Adani and Mukesh Ambani are actively betting on green hydrogen, in line with Prime Minister Narendra Modi's vision to position India as a leader in cleaner technology. Adani's commitment to green hydrogen is driven by its potential to enhance India's energy self-reliance while reducing the financial burden of energy imports.
Adani New Industries will manage the capital raising independently of Total, and one of the initial projects to receive funding will be a 1 million metric tons per annum green hydrogen facility in Gujarat, with production expected to commence in 2027.
The successful closure of project financing will demonstrate the conglomerate's ability to regain the trust and support of lenders, following corporate fraud allegations raised in January by Hindenburg Research.
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