Adani Green Energy raises USD1.35 Bn in Asia’s one of largest project financing deals

One of India’s largest renewable companies in the energy sector,  Adani Green Energy Ltd (AGEL) said on Thursday it has raised a 1.35 billion dollars (about Rs 9,785 crore) debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders.

The revolving project finance facility will initially finance the 1.69 gigawatt hybrid portfolio of solar and wind renewable projects to be set up in four special purpose vehicles in Rajasthan.

According to the agreement, 12 international banks - Standard Chartered Bank, Intesa Sanpaolo SpA, MUFG Bank, Sumitomo Mitsui Banking Corporation, Co-operative Rabobank UA, DBS Bank Ltd, Mizuho Bank Ltd, BNP Paribas, Barclays Bank Plc, Deutsche Bank AG, Siemens Bank GmbH and ING Bank NV - committed for the facility which will be the first certified green hybrid project loan in India.

The new pool of liquidity strengthens AGEL’s strategy to fully fund its under-construction asset and augurs well for its vision of scaling capacity to 25 GW by 2025.
The facility is an important element of AGEL’s overall capital management plan and is key to fully funding its growth aspirations. The definitive agreement sets out a financing framework of agreed principles and procedures under which AGEL will engage with the financiers to raise financing efficiently and expeditiously for all future projects as per the agreed threshold parameters.

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