New Delhi: Adani Green Energy has raised USD 288 million (about Rs 2,188 crore ) for the construction of its renewable energy projects. "Adani Green Energy Ltd (AGEL) has extended its Construction Financing Framework to USD 1.64 billion by raising a USD 288 million facilities for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders," a company statement said.
The facility will initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan. In March 2021, AGEL had closed a USD 1.35 billion construction revolver facility in one of Asia's largest project financing deals, it added. According to the definitive agreements, seven international banks BNP Paribas, Cooperative Rabobank UA, Intesa Sanpaolo S.p.A., MUFG Bank Ltd, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation committed to the facility, which is a certified green hybrid project loan.
The extended pool of liquidity strengthens AGEL's strategy to fast-track the development of its under-construction asset portfolio in sync with accelerating the energy transition. "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 Vineet S Jain, MD, and CEO, AGEL, in the statement.
AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, representing 10 percent of India's 450GW countrywide renewable energy target. 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.
BNP Paribas, Cooperative Rabobank, Intesa Sanpaolo and Societe Generale acted as MLABs for the facility. Among other partners, Latham & Watkins LLP and Saraf & Partners were the borrower's counsel. The lenders' counsels were Linklaters and Cyril Amarchand Mangaldas.
Also read: Green bonds will prop Adani's future green plans
PTI
