Adani Green Energy plans to invest INR 600bn (~$7.7bn) in green energy projects in Indian state of Andhra Pradesh. The company entered into an MoU with the government of Andhra Pradesh at the World Economic Forum summit in Davos, Switzerland. Adani Green will set up a 3.7GW pumped hydro storage project and a 10GW solar power project and also expects to create 10k jobs directly or indirectly. Adani Group has targeted to supply 45GW of power to India by 2030. As part of its expansion goals, in the previous year, Adani Green had bought another renewable energy company SB Energy for a price of around $3.5bn from SoftBank Group and Bharti Group. At that time it said that the acquisition was made to “become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030”. More recently the company has been in the news after Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC), invested $2bn in Adani Group’s three subsidiaries of which Adani Green was one among them.
Adani Green’s dollar bonds were trading slightly higher, with its 6.25% 2024s up over 0.1 points to 98.50, yielding 6.90%.
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