Abu Dhabi's IHL to invest USD 2bn in Adani Green, other group cos

Abu Dhabi-based conglomerate International Holding Company PJSC (IHC) will invest around USD 2 billion (EUR 1.83bn) as primary capital in three portfolio companies of India’s Adani Group, including its renewable energy platform.

Specifically, IHC will invest INR 38.5 billion (USD 511m/EUR 468m) in Adani Green Energy Ltd (BOM:541450), or AGEL, INR 38.5 billion in Adani Transmission Ltd (BOM:539254), or ATL, and INR 77 billion in Adani Enterprises Ltd (BOM:512599), or AEL, it was announced by each company on Friday.

“This is a landmark transaction and marks a start of a wider relationship between The Adani Group and IHC and attracting further investment from UAE into India,” commented Sagar Adani, executive director of AGEL.

According to the announcement, the investment will be used to further grow each of the three businesses, bolstering their balance sheets and for general corporate purposes.

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.

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.

Subject to receiving the needed approvals, the transactions are expected to be finalised in a month.

(USD 1.0 = EUR 0.915)

(INR 10 = USD 0.133/EUR 0.121)

Choose your newsletter by Renewables Now. Join for free!