The clean energy division of billionaire Gautam Adani claimed record fourth-quarter profits as the conglomerate prioritised renewable energy in reaction to the explosive study from Hindenburg Research. Adani Green Energy Ltd., India's leading renewable energy business, saw its net income more than quadruple to 5.07 billion rupees ($62 million) in the three months that ended in March. Chairman Adani, who has a close relationship with Indian Prime Minister Narendra Modi, the
company is "hurrying the transition to sustainable energy and playing a pivotal role in fulfilling India's obligations to a greener future." Even as his vast company scales back on expectations in certain other areas, Adani's priority continues to be on renewables programmes, power generation, and ports. Following allegations of corporate fraud made in January by Hindenburg, which the company denies, Adani Group has lost billions in market value and reviewed its plans.
A persons with knowledge of the situation, the group is looking to finance roughly $800 million for brand-new green energy projects and has spoken with major banks like Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group, and Standard Chartered Plc.
In the fiscal year that concluded in March, Adani Green's operational capacity climbed by over half, to more than 8 gigawatts. The company wants to generate 45 gigawatts of renewable energy by 2030, which is comparable to India's objective of nearly tripling its clean energy production capacity by that time. According to the corporation, factors including higher borrowing rates contributed to a 44% increase in overall costs.
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