Adani Green Energy Ltd (AGEL), an Adani Group company and the world’s largest solar power developer, today announced it has extended its construction financing framework to US$ 1.64 billion by raising US$ 288 million from a group of seven international banks. The developer shall use the senior debt facility to initially finance its 450MW hybrid portfolio of solar and wind renewable projects under construction in the Indian State of Rajasthan.
In March last year, AGEL had raised a US$ 1.35 billion revolving fund in one of Asia’s largest project financing deals.
BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation have signed definitive agreements for the US$ 288-million loan facility.
The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio as it targets 45GW renewable energy capacity by 2030.
“The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonizing power generation,” said Vneet S Jaain, managing director and chief executive officer, AGEL. “We are committed to sustainable growth and to catalyzing energy transition. AGEL has set a target of achieving 45GW renewable energy capacity by 2030, representing 10% of the Govt of India’s 450GW countrywide renewable energy target. Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth.”
Standard Chartered Bank acted as Mandated Lead Arranger, Bookrunner (MLAB), Documentation Bank, and E&S co-ordinator bank. MUFG Bank and Sumitomo Mitsui Banking Corporation acted as MLABs, jointly acted as co-technical advisors and co-green loan advisors. Further, BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A. and Societe Generale each acted as MLABs for the debt facility. Among other partners, Latham & Watkins LLP and Saraf & Partners were the borrower’s counsel. The lenders’ counsels were Linklaters and Cyril Amarchand Mangaldas.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.