Adani Green Energy (AGEL) has raised a $1.35 billion debt package for its under-construction renewable asset portfolio from a group of international lenders.
The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be setup in four SPVs in Rajasthan.
The funding strengthens AGEL’s strategy to fully fund its under-construction asset and augurs well for its vision of scaling capacity to 25 GW by 2025.
Vneet Jaain, CEO, AGEL said: “We see this as yet another validation of our execution ability in the renewable space. We are committed to producing the least expensive green electron and the pace and scale we have embarked on puts us well ahead on this path.”
“The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL. This revolving nature of the facility will help AGEL to achieve its goal of a 25GW portfolio by 2025.”
AGEL said Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking, Cooperatieve Rabobank., DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank, Siemens Bank and ING Bank committed for the facility which will be the first certified green hybrid project loan in India.