Adani Green Energy Secures $1.36 Billion Funding As Part Of Construction Financing Framework

The firm noted that the green loan facility would be crucial to helping the firm in the development of ‘AGEL’s next milestone- the world’s largest Renewable Energy Park at Khavda in Gujarat’. 

The energy company called the funding a crucial element of the firm’s overall capital management plan. ( Image Source :Adani Green Facebook )

Adani Green Energy Ltd (AEGL) secured funding of $1.36 billion from a consortium of international banks as part of its construction financing framework, the company announced on Tuesday. The renewable energy firm in its statement noted that the green loan facility would be crucial to helping the firm in the development of ‘AGEL’s next milestone- the world’s largest Renewable Energy Park at Khavda in Gujarat’. 

The firm informed that the green loan facility has been extended by a consortium of lenders which includes 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 energy company called the funding a crucial element of the firm’s overall capital management plan and credited its ‘successful track record with overall assurance structure of the construction framework’ as key in helping it secure the confidence of the global lending institutions. 

Speaking about the deal, Vneeet S Jaain, MD, Adani Green Energy, noted, “The extension of 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 the generation capacity of 17 GW. It will be a catalyst in the accelerated completion of the development activities at the project site. We thank the consortium for reposing faith in our project execution capabilities and strategic growth vision aligned to India’s decarbonization goals. We will continue the growth momentum to deliver the projects and support India’s clean energy transition. 

Further, the firm’s CEO, Amit Singh, said, “We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future.  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.  We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks.”