The QIA, the sovereign wealth fund of Qatar, has bought a 2.7% stake in Adani Green Energy Ltd (AGEL), the renewable energy unit of Indian conglomerate Adani Group, through its subsidiary, INQ Holding LLC.

INQ Holding LLC bought 42,604,601 shares of Adani Green Energy at a price of INR 920 per share from Infinite Trade and Investment, a promoter entity of Adani Group, for a total amount of INR 39.2 billion.

Infinite Trade and Investment sold 44.9 million shares in a block deal, reducing its equity in Adani Green Energy from 3.37% earlier to 0.5%.

Adani Group recently agreed to develop 15 GW of renewables over the next few years in India.

Adani Solar, the PV unit of Adani Group, recently became India’s sole producer of large-sized monocrystalline silicon ingots for M10 and G12 wafers. Adani Solar is a part of Adani New Industries Ltd. (ANIL), which is trying to develop the world’s largest green hydrogen ecosystem.