Adani Green raises additional US$288m for construction facility

This will fund a 450MW hybrid portfolio of solar and wind renewable projects amongst others.

The Adani Green Energy Ltd (AGEL) has raised a US$288m facility, bringing its Construction Financing Framework up to a total of US$1.64b.

This is intended to fund its under-construction renewable asset portfolio, starting with the 450-megawatt hybrid portfolio of solar and wind renewable projects in Rajasthan, India.

“We are committed to sustainable growth and to catalysing energy transition. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, representing 10% of the Govt of India’s 450GW countrywide renewable energy target,” Vneet Jaain, MD and CEO, AGEL, said.

“Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth.”

According to Adani Green Energy, seven international banks have committed for the facility, namely: BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio in sync with accelerating the energy transition.

In March 2021, AGEL had closed a US$1.35b construction revolver facility in one of Asia’s largest project financing deals.