Adani Green Energy raises $1.35 billion from 12 international lenders
BusinessToday.In March 18, 2021
Adani Green Energy has raised $1.35 billion for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The funds will initially be used to finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in four SPVs in Rajasthan.
According to the agreement, 12 international banks -- Standard Chartered Bank, Intesa Sanpaolo SpA, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperatieve Rabobank UA, DBS Bank Ltd, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank AG, Siemens Bank GmbH and ING Bank NV - will fund these projects, which will be the first certified green hybrid project loan in the country.
"The new pool of liquidity strengthens AGEL's strategy to fully fund its under-construction asset and augurs well for its vision of scaling capacity to 25GW by 2025. The facility is an important element of AGEL's overall capital management plan and is the key to fully funding its growth aspirations," the company said in a statement.
Vneet Jaain, CEO, Adani Green said the revolving nature of the facility will help Adani Greens achieve its goal of a 25GW portfolio by 2025. "In addition, it positions AGEL well to capture growth in the attractive Indian renewable sector," he said. The Adani Green Energy stock is trading at 1,142, which is 1.92 per cent or Rs 22.30 down on the National Stock Exchange.