Adani Green raises $288-million “Construction Facility” from international banks
- March 21, 2022
Adani Green Energy Ltd (AGEL) has extended its Construction Financing Framework to $1.64 billion by raising a $288-million facility for its under-construction renewable asset portfolio, the company said in a release.
This facility has been raised through definitive agreements signed with a group of leading international lenders. 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 $1.35-billion construction revolver facility in one of Asia’s largest project financing deals.
With this senior debt facility, contracted with seven international banks, AGEL has extended its Construction Financing Framework to $1.64 billion.
Also read: Adani Green Signs Mega PPA With SECI
According to the definitive agreements, seven international banks –BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation – committed for 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.
Underpinning AGEL’s infrastructure development is the project excellence framework that follows the highest standard of due diligence covering all international standard Environment, Social and Governance (ESG) aspects, the release noted.
AGEL’s sustainability roadmap is aligned with the goals of ensuring universal access to affordable, reliable and modern energy services and to substantially increasing the share of renewable energy in the global energy mix, the release added.
Featured photograph shows a hybrid (wind + solar) project of Adani Green. (Photo: Adani Group)