Adani Green Energy secures record $1.36 bn funding for world's largest RE park

  • Industry News
  • Dec 06,23
This achievement represents the company's largest project financing to date under the Construction Financing Framework, augmenting the total funding pool to $3 billion since the initial project financing in March 2021.
Adani Green Energy secures record $1.36 bn funding for world's largest RE park

Adani Green Energy announced the successful closure of a follow-on funding round, securing $1.36 billion through a senior debt facility. This achievement represents the company's largest project financing to date under the Construction Financing Framework, augmenting the total funding pool to $3 billion since the initial project financing in March 2021. The construction financing framework, supported by a consortium of international banks, has become a key element in Adani Green's financial strategy.

This substantial green loan facility is poised to play a pivotal role in advancing the progress of Adani Green Energy's ambitious project – the world's largest Renewable Energy Park situated in Khavda, Gujarat, as highlighted in the company's official statement.

Vneet S Jaain, Managing Director of Adani Green Energy, expressed his enthusiasm about the historic milestone, stating, "The extension of the Construction Financing Framework to USD 3 billion is a historic landmark and will boost the development of Khavda site, which is poised to become the world’s largest Renewable Energy Park with a generation capacity of 17 GW." He emphasised the significance of this funding in expediting the completion of development activities at the project site and thanked the consortium for their confidence in Adani Green's project execution capabilities.

Jaain added, "We will continue the growth momentum to deliver the projects and support India’s clean energy transition."

The funding agreements have been finalised with eight prominent international banks, all of which have been previous lenders and key contributors to setting up AGEL’s Construction Financing Framework since March 2021. The consortium includes BNP Paribas, Coöperatieve Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

This funding is a crucial element of Adani Green Energy’s comprehensive capital management strategy, playing a vital role in accelerating development initiatives that contribute to beneficial growth, according to the company's statement.

Source: Economic Times

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