Adani Green Energy Ltd (AGEL) on Thursday mentioned it has raised USD 1.35 billion debt for its below-building renewable power projects through definitive agreements signed with a group of 12 international lenders.
The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in 4 SPVs (particular goal automobiles) in Rajasthan, AGEL mentioned in a statement.
The enterprise claimed this will be the initially certified green hybrid project loan in India.
The 12 international banks that will provide loans are Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Co?peratieve Rabobank U.A., DBS Bank ,Mizuho Bank, BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V.
“AGEL raised a USD 1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders,” the statement mentioned.
The new pool of liquidity strengthens AGEL’s approach to completely fund its below-building asset and augurs properly for its vision of scaling capacity to 25 GW by 2025.
The facility is an significant element of AGEL’s general capital management program and is important to completely funding its development aspirations. AGEL shall engage with the financiers to raise financing effectively and expeditiously for all the future projects as per the agreed threshold parameters, it added.
“We believe that establishing depth and diversity in our funding resources is critical for AGEL’s vision to become the largest renewable player in the world. The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio,” mentioned Vneet Jaain, CEO, AGEL.
The facility will also make certain capital recycling requires of the banks and make the similar capital out there for future projects of AGEL and will position the enterprise properly to capture development in the desirable Indian renewable sector, he added.
AGEL, a aspect of India-based Adani Group, has one of the biggest worldwide renewable portfolios with more than 14,815 MW of operating, below-building and awarded projects catering to investment-grade counterparties.
The enterprise develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key shoppers of AGEL incorporate NTPC and Solar Energy Corporation of India (SECI) and many state discoms. Listed in 2018, AGEL is a USD 25.03 billion industry cap enterprise assisting India meet its COP21 (Paris agreement) targets.