Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Norway’s Sovereign Wealth Fund Excludes Adani Green Over Corruption Allegations

Norway’s $2.2 trillion sovereign wealth fund has decided to exclude Adani Green Energy Limited from its investment universe, citing corruption and financial crime allegations. The decision was disclosed on the fund’s official website, where the company was added to its exclusion list.

The Government Pension Fund Global, managed by Norges Bank Investment Management, held a 0.23% stake in Adani Green as of August 26, 2025, valued at approximately $43.9 million at that time. The fund has not clarified whether it has since divested its holdings. Typically, the fund publishes detailed explanations when excluding companies, though specific evidence related to the allegations was not disclosed in this instance.

Adani Green becomes the second Adani Group entity to be placed on the fund’s exclusion list. Earlier, Adani Ports and Special Economic Zone Limited was excluded in May 2024 due to its ownership of a port terminal in Myanmar following the military coup in the country.

The Norwegian fund, which holds roughly 1.5% of global listed equities, applies strict ethical guidelines when screening investments. While the exclusion could influence sentiment among certain foreign institutional investors, market experts note that it may not significantly impact the company’s broader fundraising prospects, given the diversity of investor classes active in global capital markets.

Representatives of Norges Bank declined to comment further, and the Adani Group did not respond to media queries on the development.