Adani's unit secures $394 mln financing facility for solar module plant

A passenger bus moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. REUTERS/Amit Dave/File photo

BENGALURU, July 27 (Reuters) - India's Adani Enterprises said on Thursday its new renewable energy-focused unit raised a working capital loan of $394 million from Barclays (BARC.L) and Deutsche Bank AG (DBKGn.DE) for its integrated solar module manufacturing facility.

Adani New Industries Limited (ANIL) is building an integrated green hydrogen businesses, including solar modules and wind turbine manufacturing.

The short-term trade financing facility comes at a time when the Adani group revisits its expansion plans that were put on pause after U.S.-based Hindenburg Research said it held short position in the conglomerate.

The short seller's report released in January this year battered investor confidence and wiped out nearly $147 billion from Adani companies' market value.

Shares of its group companies have rebounded but still down around $100 billion in value after the Hindenburg's report alleged improper use of tax havens and concerns over its debt levels to which the conglomerate denied.

A Supreme Court appointed panel in May found no lapses at the Adani Group.

Further in an indication of improving investor sentiment, Australia-listed investment firm GQG Partners and other investors ramped up their stake in Adani Group companies.

Last week, Adani Chairman Gautam Adani said the group was confident of its governance and disclosure standards.

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