Adani Green seals $1.36 billion funding

Adani Green seals $1.36 billion funding

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Adani Green Energy (AGEL) has received a follow-on funding of $1.36 billion via senior debt facility, boosting its construction financing framework - which is backed by a consortium of international banks - to $3 billion, the company announced on December 5.

Vneet S Jaain, MD, AGEL, said the extension of the construction financing framework to $3 billion 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 a generation capacity of 17 GW.

The definitive agreements have been executed with eight 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.

Amit Singh, CEO, AGEL, said the company is committed to deliver low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. "We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks," he said.

Adani Green Energy Limited (AGEL) is India’s largest renewable energy solutions partner. AGEL develops, owns, and operates utility-scale grid- connected solar, wind and hybrid renewable power plants. With a locked-in growth trajectory up to 20.4 Gigawatt (GW), AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.