Adani Green Energy raises $1.35 bn to fund renewable units
Lenders to initially fund 1.69 GW hybrid portfolio
Adani Green Energy Ltd (AGEL) has raised $1.35 billion in debt for its under-construction, renewable-asset portfolio from 12 international banks, the company said.
“The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up under four SPVs (special purpose vehicles) in Rajasthan,” it said.
As per the agreement, 12 international banks have committed to the facility which would be the first certified green hybrid project loan in India, according to a company statement.
“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 25 GW by 2025,” AGEL said.
“The facility is an important element of AGEL’s overall capital management plan and is the key to fully fund its growth aspirations.”
“We see this as yet another validation of our execution ability in the renewable space,” said Vneet S. Jaain, CEO, AGEL said, “
“We are committed to producing the least expensive green electron and the pace and scale we have embarked on puts us well ahead on this path.”
“We believe that establishing depth and diversity in our funding resources is critical for AGEL’s vision to become the largest renewable player in the world. The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio,” he said.
He said the facility would also ensure capital recycling needs of the banks and make the same available for future projects of AGEL. This revolving nature of the facility wpi;d help AGEL to achieve its goal of a 25GW portfolio by 2025.
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