India’s Top Five Corporate Funding Deals by Solar Companies in 2022 [Infographics]

Investments in the sector totaled $2 billion during Q3 2022


Large Indian renewable companies continued attracting various financing types from International investment groups in 2022.

Here are the top five corporate funding deals in India during the year:

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Adani Green Energy received an investment of $500 million from the Abu Dhabi-based public joint-stock company International Holding Company for three of Adani Group’s companies. Adani Transmission will receive $500 million, while Adani Enterprises will receive $1 billion through a preferential allotment route. The capital will be utilized to pursue the growth of the respective businesses, further strengthen the balance sheet, and for general corporate purposes. Adani Green Energy currently has a renewable energy portfolio of 20.4 GW across operational, under-construction, awarded, and acquired assets. IHC and Adani’s portfolio are committed to growing the business partnership across multiple strategic opportunities in India, the Middle East, and Africa.

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A BlackRock Real Assets-led consortium, including Mubadala Investment Company, announced an investment of ₹40 billion (~$483.09 million) in equity or compulsorily convertible instruments for a 10.53% stake in Tata Power’s green subsidiary, Tata Power Renewable Energy. The investment is intended to help fund the company’s aggressive growth plans.

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Hero Future Energies (HFE), the renewable energy arm of the Hero Group, received an investment of $450 million as a part of the definitive agreements between the global investment firm Kohlberg Kravis Roberts (KKR) and the Hero Group. The investment in HFE is made from KKR’s Asia Pacific Infrastructure Fund and builds on KKR’s experience in India and the renewables sector. It aims to support HFE’s continued growth and expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen and into new markets over time.

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KKR announced an investment of $400 million in India-based Serentica Renewables to help ramp up its clean energy portfolio and provide energy transition solutions to industries. Serentica Renewables has recently entered into three long-term power purchase agreements and is developing 1.5 GW of solar and wind power projects across various states, including Karnataka, Rajasthan, and Maharashtra.

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ReNew Energy Global, a renewable energy project developer, announced that its wholly owned subsidiary, India Clean Energy Holdings, raised $400 million at 4.5% by issuing senior secured dollar notes. Climate Bonds Initiative certified the dollar notes as green bonds. The green bonds have a tenor of 5.25 years. The company’s subsidiary is expected to utilize the amount raised through bonds to refinance its existing high-cost debt and fund capital expenditure in renewable energy assets or other purposes permitted by law. Investors from Asia and the United States subscribed to these notes at about 40% each, and Europe, Middle East, and Africa (EMEA)-based investors subscribed to the remaining notes. Pension funds and long-only fund managers subscribed to the bulk of notes.


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