Adani Transmission Ltd (ATL) has raised $700 million from a consortium of eight global lenders to help fund four under-construction transmission projects in Gujarat and Maharashtra.

The definitive agreements for the revolving facility sets out a Platform Infrastructure Financing Framework of agreed principles and procedures under which ATL will engage with the financiers to raise financing efficiently and expeditiously for all future projects in line with the agreed threshold parameters.

On a fully drawn basis, the capex revolving facility will fund the capex programme of $1.1 billion, Adani Transmission said in a statement.

DBS Bank Ltd, Intesa Sanpaolo S.p.A., Mizuho Bank, Ltd, MUFG Bank Ltd, Siemens Bank GmbH, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation have committed for the facility. The strategic transaction will meet the capital recycling needs of the banks and make the same capital available for current and future projects of ATL. The revolving nature of the facility will help ATL achieve its goal of 20,000 ckt km of transmission lines by 2022.

The facility is a step towards overall energy transition wherein projects located in Gujarat are part of the green energy corridor developed to facilitate dedicated transmission of renewable energy.

The projects being implemented in Maharashtra are key upgrades to strengthen the transmission system and critical response drivers to overcome the technical constraints of renewable energy interface in the grid to ensure overall grid stability as well as ensuring integration of green energy in Mumbai, to promote the move to a low-carbon economy.

Adani Electricity Mumbai Ltd (AEML) seeks to procure at least 60 per cent of energy from renewable sources – a quantum leap from the current 3 per cent.

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