Adani Green Seals Its Largest Project Financing Of USD 1.36 billion

Adani Green Seals Its Largest Project Financing Of USD1.36bn

Adani Green Energy Ltd (AGEL) announced a follow-on funding of USD 1.36 billion (Bn) to further boost its Construction Financing Framework to USD 3 Bn backed by a consortium of renowned international banks. 

The renewable energy firm said that the green loan facility would play a pivotal role in enabling the development of AGEL’s next milestone- the world’s largest Renewable Energy Park at Khavda in Gujarat.

The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and will be the stepping-stone for the future development of the Khavda renewable site. AGEL said that the world’s largest renewable park at Khavda would not only enable the company’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey. 

The definitive agreements have been executed with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021. The green loan facility has been extended by consortium of lenders which include– BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. 

“The funding is an important element of AGEL’s overall capital management plan and accelerated development program fostering accretive growth. AGEL’s successful track record with the overall assurance structure of the construction framework are instrumental in securing the trust of the international lending community for the enhanced commitments,” the firm said in a statement.

Speaking on the milestone, Vineet S Jaain, MD, Adani Green Energy Ltd, said: “The extension of Construction Financing Framework to USD 3 bn is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17 GW.”

Amit Singh, CEO, Adani Green Energy Ltd, said, “The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision. We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence.”