Adani Green Energy has raised $1.35 billion in foreign loans from 12 international banks to finance 1.69 GW below-building hybrid (wind+solar) renewable projects in Rajasthan.
The 12 international banks which have committed for the revolving credit facility are Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperative Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays, Deutsche Bank, Siemens Bank, and ING Bank.
The facility that is claimed to be India’s very first hybrid project loan will assist the corporation move closer to its vision of 25 GW capacity by 2025. The corporation has a worldwide renewable portfolio with more than 14,815 MW of operating, below-building and awarded projects.
Adani Green was awarded India’s biggest solar generation-cum-manufacturing bid of 8,000 MW in June 2020, and has a further 4,000 MW below building. The corporation also entered into a 50:50 joint venture agreement with French power important Total SA for operation and setting up of renewable power projects across India.
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Vneet Jaain, CEO of Adani Green Energy, stated the banks that have committed to the transaction will make sure seamless access to worldwide capital for the company’s renewable asset portfolio. “The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL.”
The 25 GW renewable power capacity by 2025 would call for about $15 billion in funding and generating evacuation facilities.