Adani Group is planning to raise $4-5 billion to fund its projects in Khavda and Mundra, Gujarat, in the coming months. The company is building a 30 GW renewable energy park in Khavda, which will be the largest in the world, and plans to produce 26 GW of solar energy and 4 GW of wind energy.
Adani Green Energy (AGEL) will likely raise the majority of the funds through a mix of debt and equity. The company has an annual capital expenditure outlay of $4-5 billion, and plans to invest in the Khavda project. AGEL aims to deliver 50 GW of renewable energy by 2030.
The company plans to commission wind and solar energy projects of 5-7 GW every year in Khavda. Additionally, Adani New Industries (ANIL) is looking to increase the capacity of its solar panel facility in Mundra to 10 GW from 7 GW.
Adani Group has already completed significant fundraising efforts in the past. Last year, Adani Energy Solutions raised $1 billion through a qualified institutional placement (QIP). The board of Adani Power approved raising funds up to Rs 5,000 crore through QIP in January 2025. The company has also successfully raised $1.06 billion to refinance a 2021 debt facility for a renewable energy project in Rajasthan.
The plans indicate Adani Group’s aggressive expansion in the renewable energy space, with a focus on becoming a major player in the industry. With its ambitious plans and significant fundraising efforts, the company is poised to play a significant role in India’s renewable energy landscape.