Adani Group is said to be in talks with 12 global banks to raise about $700-800mn for new green energy projects, as per sources. If the deal comes through, this would be the Indian conglomerate’s biggest borrowing since Hindenburg Research’s report in January that wreaked havoc on its stocks and bonds. Reuters reports that India’s renewables sector has been seeing increasing foreign investment and was among the country’s top five industries for overseas funds in the previous fiscal year. The renewables space saw 5% of all inflows in the six months from April-September 2022 vs. 3.3% in the same period a year ago.
Adani Green, the group’s renewable energy arm typically issues bonds for green energy purposes. Its 4.375% 2024s\ were trading stable at 90.4, yielding 12.3%.
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