Adani Group’s power transmission and distribution arm, Adani Transmission Ltd (ATL) has raised $700 million in a revolving debt facility from eight international banks, the company said on Thursday.

The company will use the fund to finance its under-construction transmission network projects in four SPVs in Gujarat and Maharashtra to establish green corridor and strengthen the overall grid.

It would deepen the overall liquidity pool for ATL through international banking market in addition to existing domestic as well as global public and private debt capital market issuances.

“This project financing deal is the first of its kind sanctioned by international banks in the transmission sector, and validates the overall development model of the Adani Group,” said Anil Sardana, MD and CEO, ATL.

The revolving facility is an important element of ATL’s overall capital management plan and is key to fully funding its growth aspirations, the company added.

The definitive agreements set out a Platform Infrastructure Financing Framework, under which ATL will engage with the financiers to raise financing efficiently and expeditiously for all future projects as per the agreed threshold parameters.

On a fully drawn basis, the capex revolving facility will fund the capex programme of $1.1 billion.

The eight international banks that have committed for the facility include 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. Latham & Watkins LLP and Saraf & Partners acted as the borrower’s counsel. The lenders’ counsel were Linklaters and Cyril Amarchand Mangaldas.

The revolving nature of the facility will help ATL achieve its goal of 20,000 ckt km of transmission lines by 2022, ATL added.