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Adani Green Energy raises $1.36 billion funding for world’s largest renewable energy park in Gujarat

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Adani Green Energy raises .36 billion funding for world’s largest renewable energy park in Gujarat
Adani Green Energy raises .36 billion funding for world’s largest renewable energy park in Gujarat

India’s largest renewable energy participant, Adani Green Energy Ltd (AGEL), on Tuesday (December 5, 2023) introduced follow-on funding of USD 1.36 billion, which can assist the corporate develop the world’s largest renewable energy park in Gujarat.

The funding additionally gave a lift to its Construction Financing Framework, which is backed by a consortium of famend worldwide banks.

The funding additionally marks a major achievement to develop 2,167 MW at Khavda in the preliminary stage and shall be the stepping-stone for the longer term growth of the Khavda renewable web site.

The world’s largest RE park at Khavda is not going to solely allow AGEL’s imaginative and prescient of 45 GW working renewable capability by 2030 however may also play a important position in India’s web zero journey.

AGEL secures inexperienced mortgage from worldwide banks for development financing

The definitive agreements have been executed with eight main worldwide banks, that are all returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021.

The inexperienced mortgage facility has been prolonged by consortium of lenders which embrace– 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.

Vneet S Jaain, MD, Adani Green Energy Ltd, mentioned: “The extension of Construction Financing Framework to USD 3 bn is a historic landmark and can increase the event of Khavda web site which is poised to turn into the world’s largest Renewable Energy Park with the era capability of 17 GW. It will likely be a catalyst in the accelerated completion of the event actions on the mission web site. We thank the consortium for reposing religion in our mission execution capabilities and strategic progress imaginative and prescient aligned to India’s decarbonization targets.”

Amit Singh, CEO, Adani Green Energy Ltd, mentioned, “We imagine, Construction Financing Framework is a necessary component of our growth agenda and helps our unwavering dedication to construct a sustainable future. The funding not solely validates our experience as a developer and operator of strategically important renewable energy tasks but additionally demonstrates the belief by our financiers in our strategic imaginative and prescient. We are dedicated to increase our renewable energy capability to 45 GW by 2030 underscoring our dedication to mitigate local weather change dangers.”

Key banks play important roles in AGEL’s inexperienced mortgage

DBS Bank Ltd, MUFG Bank, Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation acted as Co-Green structuring banks whereas Coöperatieve Rabobank U.A. acted as Documentation and Structuring Bank and MUFG Bank, Ltd. acted as Guarantee structuring financial institution.

Latham & Watkins LLP and Saraf & Partners have been the borrower’s counsel. The lenders’ counsel have been Linklaters and Cyril Amarchand Mangaldas.

(The article is printed underneath a mutual content material partnership association between The Free Press Journal and Connected to India)

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