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Adani Green Energy Limited (AGEL) has raised $1.35 billion from a clutch of 12 global banks for its under-construction renewable asset portfolio, the company said in a statement.
The revolving project finance facility will initially finance the 1.69-GW hybrid portfolio of solar and wind renewable projects being set up in Rajasthan.
The lenders who have committed to India’s first certified green hybrid project loan include Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank U.A., DBS Bank Ltd., Mizuho Bank, Ltd., BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V.
The new pool of liquidity strengthens AGEL’s strategy to fully fund its under-construction asset and augurs well for its vision of scaling capacity to 25 GW by 2025, the company said.
The facility is an important element of AGEL’s overall capital management plan and is key to fully funding its growth aspirations. The definitive agreement sets out a financing framework of agreed principles and procedures under which AGEL shall engage with the financiers to raise financing efficiently and expeditiously for all the future projects as per the agreed threshold parameters, it added.
“We are committed to producing the least expensive green electron and the pace and scale we have embarked on puts us well ahead on this path. We believe that establishing depth and diversity in our funding resources is critical for AGEL’s vision to become the largest renewable player in the world. The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio. The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL. This revolving nature of the facility will help AGEL to achieve its goal of a 25GW portfolio by 2025. In addition, it positions AGEL well to capture growth in the attractive Indian renewable sector,” Vneet Jaain, CEO, AGEL said.
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