Adani Green Energy Ltd (AGEL) on Thursday said it has raised USD 1.35 billion debt for its under-construction renewable energy projects via definitive agreements signed with a group of 12 international lenders.
The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in four SPVs (special purpose vehicles) in Rajasthan, AGEL said in a statement.
The company claimed this will be the first certified green hybrid project loan in India.
The 12 international banks that will provide loans are Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Co?peratieve Rabobank U.A., DBS Bank ,Mizuho Bank, BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V.
“AGEL raised a USD 1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders,” the statement said.
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.
The facility is an important element of AGEL’s overall capital management plan and is key to fully funding its growth aspirations. AGEL shall engage with the financiers to raise financing efficiently and expeditiously for all the future projects as per the agreed threshold parameters, it added.
“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,” said Vneet Jaain, CEO, AGEL.
The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL and will position the company well to capture growth in the attractive Indian renewable sector, he added.
AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with over 14,815 MW of operating, under-construction and awarded projects catering to investment-grade counterparties.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include NTPC and Solar Energy Corporation of India (SECI) and various state discoms. Listed in 2018, AGEL is a USD 25.03 billion market cap company helping India meet its COP21 (Paris agreement) goals.