AGEL raises $1.36b for construction financing framework

The additional fund brings its construction Financing Framework to $3b.

Adani Green Energy Ltd (AGEL) raised an additional funding of $1.36b from a consortium of eight international banks to bring its Construction Financing Framework to $3b.

In a statement, the company said the fund will be used to develop the initial stage of the Renewable Energy Park at Khavada in Gujarat, the world’s largest with a 2,167-megawatt capacity.

“The extension of the Construction Financing Framework to USD 3 bn 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 a generation capacity of 17 GW. It will be a catalyst in the accelerated completion of the development activities at the project site,” said AGEL Managing Director Vneet S Jaain.

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The banks that signed the definitive agreements with AGEL were BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

They are all returning lenders since the establishment of the Construction Financing Framework in March 2021.

AGEL added that the fund will support its goal to reach 45 GW operating renewable capacity by 2030.