Adani Green raises $1.35 billion for renewable projects

Ahmedabad: Adani Green Energy Limited (AGEL) has raised a $1.35 billion (Rs 9,800 crore) debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be setup in four SPVs in Rajasthan.

According to the agreement, 12 international banks - Standard Chartered Bank, Intesa Sanpaolo SpA, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperatieve Rabobank UA, DBS Bank Ltd., Mizuho Bank, Ltd., BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank NV committed for the facility which will be the first certified green hybrid project loan in India. The new pool of liquidity strengthens AGEL's strategy to fully fund its under-construction asset and augurs well for its vision of scaling capacity to 25 GW by 2025.

The facility is an important element of AGEL's overall capital management plan and is key to fully funding its growth aspirations. The definitive agreement sets out a financing framework of agreed principles and procedures under which AGEL shall engage with the financiers to raise financing efficiently and expeditiously for all the future projects as per the agreed threshold parameters.

Speaking on this development, Vneet Jaain, CEO, AGEL said, "We see this as yet another validation of our execution ability in the renewable space. We are committed to producing the least expensive green electron and the pace and scale we have embarked on puts us well ahead on this path. We believe that establishing depth and diversity in our funding resources is critical for AGEL's vision to become the largest renewable player in the world."