NEW DELHI: Adani Green Energy Ltd (AGEL) on Monday informed it has extended its Construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders.
The company said the facility will initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan, India. In March 2021, AGEL had closed a $1.35 billion construction revolver facility in one of Asia’s largest project financing deals.
“We are committed to sustainable growth and to catalysing energy transition. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, representing 10% of the Govt of India’s 450GW countrywide renewable energy target.
Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth,” said Vneet S Jaain, MD and CEO, AGEL. As per the definitive agreements, 7 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 – committed for the facility which is a certified green hybrid project loan.