India’s Adani Green Energy, controlled by billionaire Gautam Adani, announced on Thursday its approval for raising 123 billion rupees ($1.49 billion) through qualified institutional placement. The company aims to use the funds to diversify its green energy supply in the country. Bloomberg had previously reported, citing sources familiar with the matter, that the renewables company will expand its green energy capacity by about 3 gigawatts this fiscal year, with a planned expenditure of around 140 billion rupees ($1.70 billion). India’s renewables sector has been one of the most lucrative sectors for international investors, ranking among the country’s top five industries for overseas funds last year. In May, two other Adani group companies, Adani Transmission and Adani Enterprise, revealed their plans to raise up to $2.57 billion after Hindenburg Research’s critical report earlier this year impacted investor confidence. The report alleged unlawful use of offshore tax havens and stock manipulation by the group. Adani has denied all allegations. The conglomerate’s seven listed entities have lost more than $100 billion in market value since the release of Hindenburg Research’s report. Adani Energy’s shares alone have fallen by 50% this year. The shares were up less than 1% on Thursday. ($1 = 82.5190 Indian rupees)