Adani Green Energy today announced a follow-on funding of $ 1.36 billion for construction financing from a consortium of international banks. The funding will take its construction financing framework to $3 billion , it said.
The green loan facility will play a major role in enabling the development of renewable energy park at Khavda in Gujarat, which the company calls the world’s largest renewable energy park.
The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and enable the future development of the Khavda renewable site.
The park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey, it said.
The definitive agreements have been executed with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021. The green loan facility has been extended by consortium of lenders which include– BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
Vneet S Jaain, MD, Adani Green Energy, said: “The extension of Construction Financing Framework to $ 3 billionn is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17 GW. It will be a catalyst in the accelerated completion of the development activities at the project site. “
Amit Singh, CEO, Adani Green Energy , said, “We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision. We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks.”