Adani Green Energy has raised $1.36 billion from eight international banks as construction facility, taking its total funding pool to $3 billion since the initial project financing started in March 2021.

The company said the funds raised would be used in developing the 17GW renewable energy park at Khavda in Gujarat, with an initial capacity of 2.2 GW.

“The facility is Green Loan certified by the Second Party Opinion Provider Sustainalytics,” it added.

The company said that the consortium of bankers were returning lenders, instrumental in establishing its construction financing framework over the last three years. The consortium of lenders includes– BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

Vneet S Jaain, MD, Adani Green Energy, said, “The extension of Construction Financing Framework is a historic landmark and will boost the development of the 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.”

The company said that the funding was an important element to its overall capital management plan.

Adani Green has a target of taking its renewable capacity to 45 GW by 2030. Its current operational portfolio is 8.4 GW and it is adding 3-4 GW this year. Shares of Adani Green hit the 20 per cent upper circuit at Rs 1348.50 on the NSE.

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