The Adani group is reportedly looking to raise up to $4 billion to fund its green hydrogen projects.
Green hydrogen is obtained by splitting the water molecule using solar power, unlike conventional hydrogen which has fossil fuels as the power source.
A Bloomberg report said that Adani New Industries Ltd (ANIL), a wholly-owned subsidiary of flagship Adani Enterprises Ltd, will take the lead in raising the funds from both domestic and international banks.
The negotiations with the lenders are at an early stage.
Last month, Adani said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for the sale of green hydrogen in the Far Eastern markets
such as Japan, Taiwan and Hawaii.
Kowa formed the JV with Adani Global Pte Ltd, Singapore, a step-down wholly owned subsidiary of Adani Enterprises. It will focus on the sales and marketing of green ammonia, green hydrogen and its derivatives.
The Adani group had announced a massive $50-billion investment plan over the next decade to set up a fully integrated green hydrogen ecosystem in India.
This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonnes.
In September, French giant TotalEnergies SE said that it is investing $300 million in a new clean energy joint venture with the Adani group. It marked the first public deal by the French energy major with the domestic conglomerate since the.
publication of the Hindenburg report in January.
Total will hold a 50 per cent stake in the new joint venture firm, with Adani Green Energy Ltd (AGEL) holding the rest.
It will house a portfolio of 1,050 MW of solar and wind power assets — including 300 MW of already operational capacity, 500 MW under construction and 250 MW under-development assets.
The French giant said the latest transaction will reinforce its strategic alliance with AGEL and support the latter in achieving a target of 45GW renewable power capacity by 2030.
The damaging allegations in the Hindenburg report had seen the Adani group holding back on some of its investments while focussing on trimming debt.
However, it has recovered from its impact and has seen confidence growing among overseas investors.
