Adani Green Energy Ltd (AGEL) is reportedly looking to raise $1.8 billion from a group of overseas lenders to ramp up its capacity in solar and wind energy.

A Bloomberg report on Thursday said the renewables arm of the Adani group is in talks with lenders such as Deutsche Bank, Standard Chartered Plc, Barclays Plc, BNP Paribas SA and Rabobank.

If the sum is raised by Adani within December, it will be among the 20 biggest major currency loans in Asia this year, the report said.

The news came on a day flagship Adani Enterprises saw its consolidated net profit halving to Rs 227.82 crore for the quarter ended September 30, 2023, from Rs 460.94 crore in the year-ago period.

This followed a disappointing performance of its coal trading division: revenues of Integrated Resource Management dropped to Rs 12,505 crore from Rs 30,664 crore in the year-ago period.

Adani Enterprises said that the fall was on account of a correction in coal prices and lower volumes.

Revenues of other businesses such as airports and mining services rose 49 per cent and 16 per cent, respectively.

The poor performance of its coal trading arm led to revenues declining to Rs 22,517 crore from Rs 38,175 crore in the same period of the previous year.

Group firm Adani Power saw its consolidated profit rising over nine-fold to Rs 6,594 crore compared with Rs 696 crore in the same period of the previous year due to higher one-time income and deferred tax assets.

Its total revenue for the quarter was higher 61 per cent at Rs 12,155 crore, against Rs 7,534 crore in the same period a year ago.

It added that lower import coal prices helped in higher offtake of power under
import coal-based power purchase Agreements (PPAs) of Mundra and Udupi plants.

The company has an installed thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, apart from a 40 MW solar power plant in Gujarat.