Adani Green Energy Ltd. (AGEL), a trailblazer in the renewable energy industry, has reached a significant milestone by securing a construction facility of USD 1.36 billion. As stated in a press release by Adani Renewables, this achievement represents a notable expansion of AGEL's Construction Financing Framework, which now stands at a total of USD 3 billion.
The funding is sourced from a consortium of international banks, further establishing its status as one of the most substantial project finance agreements in Asia.
This substantial green loan facility is poised to play a pivotal role in propelling the development of AGEL's project, the world's largest renewable energy park situated at Khavda in Gujarat.
The funding will be instrumental in the initial stage of development, contributing 2,167 MW at Khavda, aligning with AGEL's goal of achieving 45 GW of operating renewable capacity by 2030 and supporting India's net-zero journey.
The definitive agreements for this funding round have been successfully executed with eight leading international banks. These banks, which have been integral in establishing AGEL's Construction Financing Framework since March 2021, include BNP Paribas, Cooperatieve Rabobank U.A., DBS Bank Ltd., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. This financing is not just a crucial component of AGEL's capital management plan but also stands as a testament to its successful track record and unwavering commitment to sustainable practices.
This story is from the December 06, 2023 edition of The Business Guardian.
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This story is from the December 06, 2023 edition of The Business Guardian.
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