Qatari fund to back Indian renewables via investment in Adani’s Mumbai unit

Facebook
Twitter
LinkedIn
Reddit
Email
Mumbai. Source: Arian Zwegers, Flickr

Qatar’s sovereign wealth fund has bought a 25.1% stake in Adani Electricity Mumbai for INR 3,200 Crore (US$450 million) in a deal that has cemented a target of generating more than 30% of the utility’s electricity from solar and wind by 2023.

The capital injection by the 14-year old Qatari Investment Authority (QIA) includes a shareholder subordinated debt in the Mumbai electricity company, the flagship transmission and distribution company of Adani Transmission and India's largest private-sector integrated power utility.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The utility supplies to more than 3 million people in the densely-populated city, or 67% of the city’s total market by customer.

Alongside the joint pledge to meet a 30%-by-2023 renewables mix, the two companies have agreed on a “number of other green initiatives to combat climate change and facilitate the transition to a sustainable, green economy,” according to a release.

The Adani Group’s renewables division, Adani Green Energy, is one of the largest developers in India. In early December, the company signed a framework sales agreement with LONGi for 1,200MW of modules through 2020.

The transaction between the state of Qatar's sovereign fund and Adani Transmission is expected to complete in early 2020, subject to receipt of regulatory approvals and other conditions being met.

QIA chief executive officer Mansoor Al-Mahmoud said in a prepared statement that the investment “demonstrates our confidence in India, with whom Qatar shares deep-rooted ties and excellent relations.”

SKN Advisors Limited acted as financial advisor and Cyril Amarchand Mangaldas acted as legal advisor to ATL and AEML for the transaction. J.P. Morgan acted as financial advisor and Cleary Gottlieb Steen & Hamilton LLP and AZB & Partners acted as legal advisors to QIA.

Read Next

August 4, 2025
Indian solar PV module manufacturer Vikram Solar will supply 250MW of n-type modules to Bondada Group for its solar project in Maharashtra.
August 4, 2025
Waaree Energies has commissioned a 1.8GW solar module manufacturing line at its factory in Chikhli, Navsari district, Gujarat.
July 30, 2025
Donald Trump has announced a 25% tariff on all imports entering the US from India from the 1st August 2025.
July 29, 2025
US-based solar manufacturer T1 Energy has expressed support for the US government’s tariff investigations into global polysilicon imports and solar products from Laos, Indonesia and India.
July 25, 2025
A round-up of news from the Indian solar sector this week, including Reliance Industries' cell plant, Juniper Green Energy powering solar PV and Solex Energy launching new modules.
July 25, 2025
According to a report from the International Renewable Energy Agency (IRENA), the global levelised cost of electricity (LCOE) for solar PV reached US$0.043/kWh in 2024.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK