GoodWe- Reshaping Smart Energy

IHC Signs USD 2 Billion Investment Agreement With Three Companies Of Adani Group

0
369
pexels-photo-3483098.jpeg
Photo by John Guccione www.advergroup.com on Pexels.com

Reading Time: 2 minutes

Growatt

International Holding Company PJSC (IHC) signs USD 2 billion investment agreement with Adani Group. IHC will invest in three companies of Adani Group which are Adani Transmission Ltd (ATL), Adani Enterprises Ltd (AEL), and Adani Green Energy Ltd (AGEL).

Sagar Adani, Executive Director, AGEL said, “We are delighted to commence this inter-generational relationship with IHC. We are deeply committed to the shared vision and values of investment in sustainable infrastructure, green energy, and energy transition. This is a landmark transaction and marks a start of a wider relationship between Adani Group and IHC and attracting further investment from UAE into India.”

Adani Group is expanding its green portfolio and IHC is working towards the UAE’s 2030 vision. Hence, this investment aligns with the energy transition vision of both IHC and Adani Group and will grow business opportunities in India and MENA region. IHC will invest USD 500 million in ATL and AGEL, and USD 1 billion in AEL. The investment is anticipated to be completed in a span of a month after receiving all the necessary approvals.

Also Read  Gabonese Authorities, Solen Sign Agreement To Build 120 MW Solar Power Plant in Estuaire Province

Syed Basar Shueb, the CEO and managing director of IHC said, “This will be a long-term investment in India as the country is driving much innovation globally, including the green energy sector. The opportunity to earn a compelling return on investment in green energy has never been greater. We are confident that Adani companies will play a significant role in unleashing India’s total green energy potential, reflecting positively on our shareholders’ commitment.”

IHC is an Abu Dhabi-based company and one of the fastest-growing holding companies in the region with investments centered on impacting the world by creating opportunities, making things better, and achieving the best for communities, governments, and people.

Recently, Adani Group signed a deal for two large power projects in Sri Lanka’s Northern Province, six months after it secured a strategic port terminal project in Colombo. Also, Adani Enterprises (AEL), the flagship company of Adani Group, has planned a capital expenditure of more than Rs 55,000 crore over the next few years in new energy, airport and road sectors.

Also Read  Higher Coal Imports Likely to Increase Power Supply Cost for Discoms by 4.5-5.0% in FY2023: ICRA

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.