Adani Green weighs raising $1.5 billion in funding

Adani Green Energy is considering raising about $1.5 billion to fund its green diversification in India, Bloomberg News reported on Thursday, citing people familiar with the matter.

Billionaire Gautam Adani’s renewable energy unit’s board is set to discuss plans to raise funds from institutional investors on Thursday, the firm said earlier this week in a stock exchange filing.

Thursday’s report comes after two other Adani group companies – Adani Transmission and Adani Enterprise – revealed plans in May to raise up to $2.57 billion from the market after a short-seller report battered investor confidence earlier this year.

Adani Green Energy did not immediately respond to Reuters request for confirmation on the fund raise.