NEW DELHI : Adani Green Energy Ltd (AGEL) has raised $288 million for its under-construction renewable asset portfolio through agreements signed with a group of international lenders.
With this latest loan, the company has extended its construction financing framework to $1.64 billion, it said in a company statement on Monday.
AGEL said the facility will initially finance a 450-megawatt (MW) hybrid of solar and wind renewable projects that it is setting up in Rajasthan. In March 2021, AGEL had closed a $1.35 billion construction revolver facility in one of Asia’s largest project financing deals.
The definitive agreements are with seven international banks—BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. The funding is in the form of a certified green hybrid project loan.
The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio in sync with accelerating the energy transition, the statement said.
“The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonizing power generation," said Vneet S. Jaain, managing director and chief executive officer, AGEL.
“We are committed to sustainable growth and to catalyzing energy transition. AGEL has set a target of achieving 45 gigawatts renewable energy capacity by 2030, representing 10% of the government of India’s 450 GW countrywide renewable energy target. Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth," he said.
Amid a policy push for energy transition, Adani Group along with other industrial majors in the country have turned toward the green energy market.
Adani aims to become the world’s largest renewable energy company.
Last month, the group signed a memorandum of understanding with Ballard Power Systems Inc. to explore commercialization of hydrogen fuel cells in various mobility and industrial applications in India.
Gautam Adani’s logistics-to-energy conglomerate in January announced the setting up of a new subsidiary, Adani New Industries Ltd (ANIL), to undertake green hydrogen projects, generation of low carbon electricity, and manufacture of wind turbines, solar modules, and batteries.
Shares of AGEL on BSE ended at ₹1,877.55 on Monday, lower by ₹28.20 or 1.35% from its previous close.
