Adani Green Energy Limited plans to raise up to $12 billion by selling green bonds over the next four to five years. The company expects to raise $2-3 billion annually from the sale of these green bonds. The sale of green bonds is likely to start in May 2021 and the proceeds from the bond will be mandated to be used towards production on non-conventional energy. Although the Climate Bonds Initiative did not certify Adani Green Energy’s proposed offshore green bond sale in the month of May 2019, it is likely to approve future issuances. This is expected to be India’s largest sale of green bonds.
Recently, Adani Green Energy won the contract to develop solar plants with a cumulative capacity of 8 GW, with module manufacturing for 2 GW requiring a total investment of $ 6 billion. The first instalment of 2 GW is expected to be commissioned by 2022, while the rest is expected to come online by 2025. Further, Adani will also establish a solar cell and module manufacturing capacity of 2 GW by 2022. Adani is to set up the solar manufacturing capacity in Gujarat while the solar projects could be across states.