Adani New Industries, a wholly owned subsidiary of Adani Enterprises, has secured a trade finance facility of $394 million from Barclays PLC and Deutsche Bank AG to fulfill the working capital needs of their integrated solar module manufacturing facility.

The company is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar module and wind turbine manufacturing.

Adani is building a fully integrated and comprehensive 10 GW solar manufacturing ecosystem in Mundra for polysilicon to modules manufacturing, including ancillaries and supporting utilities.

The company has a solar cell and module manufacturing capacity of 3.5 GW.

In December last year, it became the first company to start the construction of a polysilicon and monosilane manufacturing facility to be constructed in Mundra, Gujarat.

Adani Solar was one of the top solar module suppliers in the calendar year (CY) 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023. Adani Solar accounted for 9% of the total modules supplied in 2022.

The company’s electricity transmission business arm, Adani Transmission, announced a name change to Adani Energy Solutions, effective July 27, 2023.`

Another Adani subsidiary, Adani Green Energy, is set to raise ₹123 billion (~$1.4 billion) through the sale of shares via qualified institutional placement or permissible methods. The company intends to issue a specific number of equity shares, each having a face value of ₹10 (~$0.12), alongside other eligible securities or a combination thereof. The aggregate amount raised will not exceed ₹123 billion (~$1.4 billion) or an equivalent sum.

In March, U.S.- based equity investment firm GQG Partners closed a major deal involving a series of secondary block trade transactions amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share.

In February, Adani Enterprises confirmed it would return Abu Dhabi’s International Holding Company’s AED 1.4 billion (~$381 million) investment into its three green energy-focused companies. Adani Enterprises stated that it aims to protect the interests of its investors by returning the follow-on public offering proceeds to all investors and withdrawing the completed transaction due to market volatility and unforeseen circumstances.