Adani Green Energy (AGEL) announced that it has received $288 million from a syndicate of international lenders to support its renewable asset projects now under construction. AGEL’s construction finance framework has been increased to $1.64 billion thanks to a senior loan facility signed with seven international banks.
“AGEL has extended its construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders,” it said.
The facility will first be used to fund AGEL’s 450 MW hybrid portfolio of solar and wind renewable energy projects in Rajasthan. BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp. are the seven multinational banks that have committed to the facility, according to the formal agreements.
AGEL Managing Director and CEO Vneet Jaain said: “The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonizing power generation.”
AGEL has established a goal of 45 GW of renewable energy capacity by 2030, which is 10% of the government’s 450 GW renewable energy objective for the country.
