Business

Adani Green Energy Secures $400 Million Financing For Solar Projects In Rajasthan and Gujarat

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.

Consortium Of Lenders & AGEL’s Growth Prospects:

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.

Also Read: Adani Enterprises Consolidated FY24 EBIDTA Surges 32% To Rs 13,237 Crore

Mankrit Kaur

Recent Posts

SC Upholds Rajasthan’s Electricity Regulations; Dismissing Power Companies Plea

The Supreme Court has granted a major relief to the Rajasthan government by upholding the…

5 hours ago

SC Expresses Concern Over Rising Trend Of False Rape Cases On Marriage Promises

The Supreme Court has expressed concern over the rising tendency to register rape cases based…

5 hours ago

Adani Ports Mundra Sets National Record With Historic 200 MMT Cargo Handling Milestone

Adani Ports & Special Economic Zone set a national record by handling 450 MMT of…

5 hours ago

SC Seeks Response On Vikas Yadav’s Bail Plea In Nitish Katara Murder Case

SC issues notice to UP govt, Neelam Katara on Vikas Yadav’s interim bail plea in…

5 hours ago

SC Slams Telangana CM Over Remarks On BRS MLAs’ Disqualification Case

The SC expressed displeasure over Telangana Chief Minister A Revanth Reddy’s remarks regarding the disqualification…

6 hours ago

Jamaat-e-Islami Hind (JIH) Opposes Waqf Bill; Calls It Legislative Discrimination

JIH President Syed Sadatullah Husaini condemns the Waqf Amendment Bill for singling out Muslims and…

6 hours ago