As part of the Construction Financing Framework, Adani Green Energy said on Tuesday that it has completed a $1.36 billion follow-on investment through a senior lending facility, making it the company’s largest project financing to date. With this, the investment pool has increased to $3 billion since the project’s first financing in March 2021. A group of foreign banks supports Adani Green’s construction finance structure.
According to a statement from the firm, the green financing facility will be essential to the advancement of AGEL’s next big project, which is the world’s largest Renewable Energy Park, which is situated in Khavda, Gujarat.
“It will operate as a trigger for the project site’s development activities to be completed more quickly. We appreciate the consortium’s confidence in our ability to execute projects and in our strategic growth ambition, which is in line with India’s decarbonization objectives. We’ll keep up the growth momentum to complete the projects and aid India’s move to sustainable energy,” said Vneet S Jaain, MD, Adani Green Energy.
“The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site,” the business stated. “The world’s largest RE park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey.”
Eight eminent worldwide banks, who were all instrumental in establishing AGEL’s Construction Financing Framework since March 2021, have signed the final agreements. 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 are among the group of lenders offering the green loan facility.
According to Adani Green, the funding is a crucial part of AGEL’s all-encompassing capital management strategy since it supports a development project that moves forward quickly and promotes positive growth.
“We think the Construction Financing Framework is a crucial component of our growth plan and bolsters our steadfast resolve to create a sustainable future. The financing shows our funders’ faith in our strategic vision and validates our experience as a developer and operator of strategically important renewable energy projects,” Adani Green Energy CEO Amit Singh stated.
According to Singh, the corporation is dedicated to increasing its capacity for renewable energy to 45 GW by 2030.