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ADIA joins $600m fundraise by Indian power company 

By Pramod Kumar
Unsplash.com/Karsten Würth
JSW Energy said the proceeds will boost its capital, offer financial flexibility and accelerate growth plans

Indian power company, JSW Energy Limited, has raised 50 billion rupees ($600 million) by selling shares to institutional investors, which includes UAE sovereign fund Abu Dhabi Investment Authority (ADIA).

The qualified institutions placement was 3.2 times oversubscribed, including global asset managers such as GQG, Blackrock, Nomura, Wellington, and UBS the Indian company said in a Bombay Stock Exchange filing.

The proceeds will boost its capital, offer financial flexibility and accelerate growth plans.

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The placement marks the first equity raise by the company since its listing in 2010, JSW Energy said.

JSW Energy has a total locked-in generation capacity of 12.5 gigawatts (GW), comprising 7.2GW operational and 2.6GW under-construction assets across wind, thermal and hydro.

The unit is part of the $23 billion JSW Group and operates in sectors such as steel, energy, infrastructure, cement, and sports.

Earlier this month the UAE’s largest sovereign wealth fund and India’s Kotak Alternative Investment Fund will support Indian developer Prestige Group in building residential projects across four Indian cities.

ADIA has already acquired shares in the Indian budget carrier SpiceJet.

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