ANIL raises $394 million for solar module plant

Adani New Industries Limited (ANIL), a subsidiary of Adani Enterprises Limited, has raised $394 million from Barclays Plc and Deutsche Bank AG for a module manufacturing plant. The company aims to build an overall green hydrogen industry in India, comprising the production of solar PV modules, cells, polysilicon, wafers, ingots, electrolysers and wind turbines.

In May 2023, Adani Wind Energy Kutchh Five Limited inaugurated a 130 MW wind power plant in Gujarat, Kutch. The newly commissioned plant will be operated by the Adani Group’s intelligent ‘Energy Network Operation Centre’ technology. The project has a 25-year power purchase agreement with the Solar Energy Corporation of India for 130 MW at a rate of Rs 2.83 per kWh.

In February 2023, International Holding Company (IHC), an Abu Dhabi-based diversified conglomerate, announced to invest AED 1.4 billion through its subsidiary Green Transmission Investment Holding RSC Limited in the Adani Enterprises’ Further Public Offering. This was IHC’s second investment with Adani Group, followed by a $2 billion investment in three green-focused Adani Group companies last year.