Qatar to fund renewable power in India
- Sovereign wealth fund of Qatar has acquired a 25.1-percent % stake in Mumbai’s unit of Adani Electricity for 450m USD. This purchase is meant to support Adani’s targeted 30-percent power generation from green sources by 2023.
The investment from QIA includes shareholder subordinated debenture in Adani’s utility giant. The Mumbai-based company delivers power to over 3m inhabitants of Mumbai. This is 67 percent of the total Mumbai’s electricity market.
Adani Electricity and Investment Authority of Qatar are taking joint efforts to achieve the target of 30-percent renewable energy by 2023. Besides, they aim at some more clean power initiatives meant to reduce environmental impact and support shift toward renewable power.
The deal between Adani and Qatar's investment fund is scheduled for completion for the beginning of the coming year, provided all regulations are approved.
Adani Green Energy, a clean power unit of Adani Group, is among major Indian renewable project developers. At the beginning of the current month, AGE concluded a framework contract with LONGi for delivery of 1.2 gigawatts of solar panels during the year to come.