Renewable Energy QIA buys $500m stake in Adani’s green energy firm By Pramod Kumar August 8, 2023 Unsplash.com UAE companies have invested $3.4bn in Turkey’s renewable energy, water and food safety, health, tourism and transport sectors. India’s Adani Group has raised $500 million by selling a part of its holdings in Adani Green Energy Limited to investors, including INQ Holding, a wholly owned unit of Qatar Investment Authority (QIA). The stake sale by Indian billionaire Gautam Adani aims to reduce promoter-level debt and release stock pledges. Infinite Trade and Investment sold 42.6 million shares of Adani Green in block deals to QIA at INR920 per share, worth around $474 million, India’s Bombay Stock Exchange data showed. India’s Acme secures funding for Oman hydrogen project Foxconn EV venture targets India and Thailand Adnoc gas deal fires up UAE-Azerbaijan ties An additional 2.28 million shares were sold by the Adani group promoter to other investors. Infinite Trade and Investment Ltd cut its stake from 3.37 percent to 2.83 percent in Adani Green. Shares of Adani Green fell 4.7 percent to ₹965 on the Bombay Stock Exchange on Monday. QIA invested INR32.2 billion to acquire a 25.1 percent stake in Adani Electricity Mumbai Limited, a part of the group’s energy distribution arm Adani Transmission Limited, in 2020. “Proceeds from the latest share sale are likely to be used by the promoters to lower promoter-level debts, pay off the creditors to release shares pledged by the promoters and fund capex plans,” Mint, an Indian financial outlet, said, citing an informed source. In its annual report, Adani Group said the company raised $9 billion in the past four years, from investors such as QIA, France’s TotalEnergies, UAE’s International Holding Co. (IHC) and US-based GQG Partners. Adani Green reported a 51 percent year-on-year profit growth to ₹3.23 billion for the second quarter of 2023. It intends to boost its renewable power capacity to 45GW by 2030 through solar, wind and solar-wind hybrid solutions.