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Adani Green Energy’s $1.36B Boost for Mega Renewable Park, Stocks Surge 4.4% – EQ

Adani Green Energy’s $1.36B Boost for Mega Renewable Park, Stocks Surge 4.4% – EQ


In Short : Adani Green Energy experiences a $1.36 billion surge following a significant boost to its mega renewable park. Stocks surge by 4.4%, reflecting positive market response to the company’s renewable energy initiatives and strategic developments.

In Detail : Adani Green Energy (NS:ADNA) Ltd (AGEL), a global renewable energy leader, secures a transformative USD 1.36 billion in follow-on funding, elevating its Construction Financing Framework to an impressive USD 3 billion. This substantial green loan, supported by a consortium of renowned international banks, is a pivotal boost for AGEL’s ground breaking project—the world’s largest Renewable Energy Park in Khavda, Gujarat.

This funding is instrumental in advancing the initial development phase of 2,167 MW at Khavda, a crucial step toward achieving AGEL’s vision of 45 GW operating renewable capacity by 2030. Beyond its contribution to AGEL’s ambitious goals, the Khavda park aligns seamlessly with India’s broader journey toward a net-zero carbon footprint.

Eight leading international banks, integral to AGEL’s Construction Financing Framework since March 2021, form part of the consortium. Notable participants include BNP Paribas (EPA:BNPP), Rabobank, DBS Bank, Intesa Sanpaolo (BIT:ISP), MUFG Bank, Societe Generale (EPA:SOGN), Standard Chartered (LON:STAN) Bank, and Sumitomo Mitsui Banking Corporation.

This funding milestone underscores AGEL’s effective capital management strategy and supports its accelerated development program for sustainable growth. The green loan facility, endorsed by Sustainalytics, aligns seamlessly with AGEL’s sustainable strategy, making a significant contribution to Sustainable Development Goal 7—ensuring affordable and clean energy.

Mr. Vneet S Jaain, MD of Adani Green Energy Ltd, highlights the historic significance of extending the Construction Financing Framework to USD 3 billion. This milestone is poised to drive the development of the Khavda site, positioning it as the world’s largest Renewable Energy Park with a generation capacity of 17 GW. The consortium’s trust in AGEL’s project execution capabilities resonates with India’s decarbonization goals, reaffirming the company’s commitment to leading the charge in the clean energy transition.

In response to this positive news, AGEL’s stock has surged by 4.4% to reach INR 1,173 by 9:56 AM IST as investors’ demand kicks in, reflecting the market’s optimistic response to the company’s transformative initiatives and the enhanced Construction Financing Framework.

Anand Gupta Editor - EQ Int'l Media Network