Adani Green Secures USD 400 million from international banks for 750 MW power projects

Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, has announced USD 400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks. It will provide financing for projects that are expected to come online from November 2024 onwards.

One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster at Khavda in Gujarat.

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The USD 400 million construction facility along with the funding solutions also provides the syndicated guarantee-backed assurance program in sync with AGEL’s procurement strategy. The transaction paves the way for a sustainable debt structure, developed as part of AGEL’s capital management plan, for financing merchant exposure.

It marks a milestone for the Indian RE sector as it steers the industry’s transition to the next phase of market integration, with the commitment to deliver low-cost green electrons through the promotion of merchant market projects with the right financing structure demonstrating overall trust and competitiveness for the Indian renewable energy sector to drive clean energy transition and decarbonization.

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The consortium of lenders – Cooperative Rabobank U.A., DBS Bank Ltd., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation – paves the way for AGEL’s ambitious growth plans. The green loan, housed under subsidiaries of AGEL supports the company’s growth trajectory and aligns with its commitment to sustainability.

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