Adani Green Ltd Secures Record-Breaking Project Financing of $1.36 Billion

Adani Green Energy Limited (AGEL) has unveiled a significant funding boost of $1.36 billion to enhance its construction financing framework, bringing the total to $3 billion. The financing is supported by a consortium of prominent international banks and is set to drive the development of AGEL's ambitious renewable energy park in Khavda, Gujarat, which is poised to become the world's largest.

In a press release, AGEL highlighted the pivotal role the green loan facility will play in advancing the development of the Khavda renewable site. The initial stage will see the development of 2,167 MW, laying the foundation for the future expansion of the park. This renewable energy park not only aligns with AGEL's vision of achieving 45 GW operating renewable capacity by 2030 but is also positioned as a critical contributor to India's net-zero journey.

The funding has been secured through agreements with eight international banks, all of which have been integral in establishing AGEL's Construction Financing Framework since March 2021. The consortium includes BNP Paribas, Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SPA, MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

AGEL emphasized the significance of this funding in its overall capital management plan and accelerated development program, contributing to accretive growth. The company's successful track record and the robust assurance structure of the construction framework played a crucial role in earning the trust of the international lending community for these enhanced commitments.

Vineet S Jaain, Managing Director of Adani Green Energy Ltd, expressed the historic nature of extending the Construction Financing Framework to $3 billion, underscoring its importance in propelling the Khavda site toward becoming the world's largest Renewable Energy Park with a generation capacity of 17 GW. He thanked the consortium for their confidence in AGEL's project execution capabilities and strategic growth vision aligned with India's decarbonization goals.

Amit Singh, CEO of Adani Green Energy Ltd, emphasized the essential role of the construction financing framework in supporting their commitment to building a sustainable future. He highlighted the validation of AGEL's expertise as a developer and operator of strategically vital renewable energy projects and the trust placed by financiers in their strategic vision. Singh reaffirmed their dedication to delivering low-cost green electrons, leveraging technology, digital transformation, and a continued focus on development and operational excellence, with a commitment to expanding their renewable power capacity to 45 GW by 2030. This commitment aligns with their overarching goal of mitigating climate change risks.

BS