Adani Group’s green energy companies secure $2bn from Abu Dhabi’s IHC

Adani Enterprises said that International Holding Company PJSC (IHC), an Abu Dhabi-based investment company, has finalized an investment of INR 15,400 crores ($2 billion) in the Adani portfolio companies — Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), and Adani Enterprises Limited (AEL).

Sagar Adani — Executive Director of Adani Green Energy said: “We are delighted to complete this landmark transaction with IHC. We value IHC’s pioneering role as a strategic investor in sustainable energy, healthcare, food, infrastructure and Energy Transition in the UAE.

“This transaction marks the further strengthening of the India – UAE relationship and highlights the long history of business and trust between our peoples. We share IHC’s strategic vision for India, Middle East and Africa as we embark on this inter-generational relationship.”

IHC has given capital through the preferential allotment route to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

As per the investment deal announced last month, Adani Green Energy secured an investment of $500 million from IHC. The same amount of investment was secured by Adani Transmission, while Adani Enterprises has been given $1 billion by IHC.

Syed Basar Shueb — CEO and Managing Director of IHC said: “This strategic expansion of our business aligns with IHC’s commitment to broadening and diversifying our investment portfolio. There is no doubt that this transaction will directly and positively impact India’s overarching ambition for long-term plans for clean energy.

“The deal represents 4.87% of the total trade between the UAE and India, which has reached USD 41 billion between 2020 and 2021; the partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector.”