Mumbai, March 21: Adani Green Energy (AGEL) on Monday said it has raised $288 million from a group of international lenders to fund its under-construction renewable asset projects.
With this senior debt facility contracted with seven international banks, AGEL has extended its construction financing framework to $1.64 billion “AGEL has extended its construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders,” it said.
The facility will initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan. According to the definitive agreements, the seven international banks that have committed for the facility are BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. AGEL Managing Director and CEO Vneet Jaain said: “The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonizing power generation”.
AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, representing 10 per cent of the government’s 450GW countrywide renewable energy target.
