Adani Green Energy is in the process of tying up funds over $1 billion with a consortium of international banks that will be used to fund its ongoing expansion in the current financial year, sources said.

Adani Green has an operational power capacity of 8.3 GW, of which over half is solar. It has 10.2 GW under execution and close to 2 GW nearing construction. By 2030 the company intends to take its portfolio to 45 GW, around 10 per cent of India’s total energy target.

In the ongoing fiscal year, it is targeting to add a capacity of 2.8 to 3 GW. Part of the capacity will be financed through the funds raised from the banks, the sources said. As a rule of thumb about three-fourths of the funding is through project finance from banks and the remaining is through equity infusion.

The company currently has a $1.64 billion credit line in a revolving facility as well as fully funded project finance. It plans to increase the revolving credit go-to-market facility in order to fund ‘confirmed growth assets’, it recently said in a presentation. Its annual capex is in the range of $2.5-3 billion.

Last month the company had taken board approval to raise ₹12,300 crore through a qualified institutional placement of securities, which is still in the works.

Qatar Investment Authority and Abu Dhabi’s IHC have been investors in the company while GQG Partners has been pumping money in the company from March onwards through stake buys and currently holds about 6.8 per cent in it.

Billionaire Gautam Adani, who had received a jolt at the start of the year with the Hindenburg Research allegations, is again powering ahead with his expansion plans.

Earlier this month another group firm Adani Energy Solutions (formerly Adani Transmission) said it had tied up $700 million in a credit facility with nine international banks for a transmission project in Mumbai. It included banks such as DBS Bank, Intesa Sanpaolo S.p.A., Mizuho Bank, MUFG Bank, Siemens Bank GmbH, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Hong Kong Mortgage Corporation.