Adani Green Energy gets USD 1.36 billion financing from international banks' consortium

Adani Green Energy (AGEL) on Tuesday announced it has secured funding of USD 1.36 billion from a consortium of international banks as part of its construction financing framework. The USD 1.36-billion senior debt facility will enhance the company's funding pool to USD 3 billion since initial project financing in March 2021, AGEL said in a statement. According to the statement, AGEL, India's largest and world's leading renewable energy player, announced a follow-on funding of USD 1.36 billion to further boost its construction financing framework to USD 3 billion backed by a consortium of renowned international banks.

The green loan facility will play a pivotal role in enabling the development of AGEL's next milestone, the world's largest renewable energy park at Khavda in Gujarat, it stated. The funding also marks a significant achievement to develop a 2,167 MW project at Khavda in the initial stage and shall be the stepping stone for the future development of the Khavda renewable site, it stated. The world's largest renewable energy park at Khavda will not only enable AGEL's vision to achieve 45 GW operating renewable capacity by 2030 but will also play a critical role in India's journey towards net zero carbon emission, it stated.

The definitive agreements have been executed with 8 leading international banks that are instrumental in establishing AGEL's Construction Financing Framework since March 2021. Lenders in the consortium 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.