- Press Releases
May 17 (Renewables Now) - Abu Dhabi-based conglomerate International Holding Company PJSC (IHC) has finalised its INR-154-billion (USD 2bn/EUR 1.89bn) investment in a trio of Adani Group portfolio companies in India, including Adani Green Energy Ltd (BOM:541450), or AGEL.
As announced in April, IHC agreed to invest INR 38.5 billion in each of Adani Green Energy and Adani Transmission Ltd (BOM:539254), or ATL, as well as INR 77 billion in Adani Enterprises Ltd (BOM:512599), or AEL. IHC said today it has provided capital to the three firms through the preferential allotment route. It did not disclose the size of the stakes it got in return.
AGEL develops, builds, owns, operates and maintains utility-scale solar and wind projects. Its current renewable energy portfolio includes 20.4 GW across operational, under-construction, awarded and acquired assets. The company targets developing and operating 25 GW of renewables by 2025 and 45 GW by 2030.
At the same time, ATL is Adani’s transmission and distribution business arm, with a cumulative transmission network of 18,875 ckm, while AEL operates as the incubation unit of the group. The latter plans to invest USD 50 billion (EUR 47.3bn) over the next nine years to establish a new green hydrogen vertical focused on the decarbonisation of industrial energy and mobility, the announcement says.
"The deal represents 4.87% of the total trade between the UAE and India, which has reached USD 41 billion between 2020 and 2021; the partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector,” commented Syed Basar Shueb, CEO and Managing Director of IHC.
(INR 10 = USD 0.130/EUR 0.123)
(USD 1.0 = EUR 0.947)