Adani Green Energy Ltd (AGEL) has successfully secured a significant financial boost of $400 million from a consortium of five prominent international banks for its ongoing solar projects in Rajasthan and Gujarat.
This financing initiative is likely to strengthen AGEL’s dedication to renewable energy development in India.
The construction of solar power plants is capable of generating 750 megawatts (MW) of electricity in Rajasthan and Gujarat. As per AGEL, they are to be operational from November onwards.
AGEL affirmed that this investment would significantly contribute to its ambitious expansion plans in the renewable energy sector.
Of the two projects, one is situated in Rajasthan, boasting a capacity of 500 MW. It is secured with a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
The second project, with a capacity of 250 MW, is a standalone merchant power project located at the Khavda Renewable Energy Park in Gujarat. It is hailed as the world’s largest active renewable energy cluster.
The consortium of lenders involved in this financing initiative includes:
– Cooperative Rabobank UA
– DBS Bank Ltd
– Intesa Sanpaolo SPA
– MUFG Bank Ltd
– Sumitomo Mitsui Banking Corporation
Their participation underscores the confidence in AGEL’s growth prospects and its pivotal role in India’s renewable energy landscape.
AGEL emphasized that the $400 million construction facility, coupled with innovative funding solutions, aligns with its procurement strategy.
Moreover, the funding package incorporates a syndicated guarantee backed assurance program, further bolstering AGEL’s ability to execute its projects efficiently.
With an operational portfolio boasting 10,934 MW, AGEL stands as the leading renewable energy player in India.
It delivers reliable, affordable, and clean power to the national grid.
This portfolio comprises 7,393 MW of solar capacity, 1,401 MW of wind power, and 2,140 MW of wind solar hybrid capacity.
AGEL’s latest financing endeavor not only underscores its commitment to sustainable energy development but also reinforces its position as a key player in India’s transition towards a greener future.
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