Adani Group Receives $2 Billion Investment From Abu Dhabi For Green Energy Push

Abu Dhabi’s International Holding Co. (IHC) has invested $2 billion in three green energy-focused companies run by Indian billionaire Gautam Adani.

Adani Green Energy and Adani Transmission will receive 38.5 billion rupees (about $500 million) each, while Adani Enterprises will get 77 billion rupees ($1 billion).

IHC is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, UAE’s national security advisor and brother of the country’s crown prince, Sheik Mohamed bin Zayed Al Nahyan.

“The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes,” Adani Group said in a statement. The transaction is expected to be completed within a month once all necessary approvals are obtained, according to the statement.

Adani was ranked as Asia’s second-richest on this year’s World’s Billionaires list, published last week, with a fortune of $90 billion. He was the third-biggest gainer on the list, adding $40 billion to his net worth since April last year.