Adani Green Energy Ltd. : Adani Green raises $ 1.35 billion in debt from 12 banks
The revolving project finance facility would initially fund the 1.69 GW hybrid portfolio of renewable solar and wind projects to be implemented in four SPVs (special purpose vehicles) in Rajasthan, AGEL said in a statement.
The company said it would be the first certified green hybrid project loan in India.
The 12 international banks that will provide loans are Standard Chartered Bank, Intesa Sanpaolo SpA, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank UA, DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank SA
“AGEL has raised a $ 1.35 billion debt package for its portfolio of renewable assets under construction through definitive agreements signed with a group of leading international lenders,” the statement said.
The new liquidity pool reinforces AGEL’s strategy of fully financing its assets under construction and bodes well for its vision of a capacity of 25 GW by 2025.
The facility is an important part of AGEL’s overall capital management plan and is essential to fully fund its growth aspirations.
AGEL will engage with financiers to raise funds efficiently and quickly for all future projects in accordance with agreed threshold parameters, he added.
“We believe that establishing the depth and diversity of our financing resources is essential for AGEL’s vision to become the largest renewable energy player in the world. The banks that have engaged in this strategic transaction are our key partners in ensuring transparent access to global capital for our portfolio of renewable assets, ”said Vneet Jaain, CEO of AGEL.
The facility will also ensure the capital recycling needs of banks and make the same capital available for future AGEL projects and position the company well to capture growth in India’s attractive renewable energy sector, he added. .
AGEL, part of the India-based Adani group, has one of the world’s largest renewable energy portfolios with more than 14,815 MW of projects in operation, under construction and awarded for quality counterparties.
The company develops, builds, owns, operates and maintains large-scale grid-connected wind and solar projects.
Major AGEL customers include NTPC and Solar Energy Corporation of India (SECI) and various state discoms.
Listed in 2018, AGEL is a $ 25.03 billion market capitalization company that is helping India meet its COP21 (Paris Agreement) goals.