The green loan facility is set to play a crucial role in facilitating the progression of AGEL’s upcoming landmark project – the world’s largest Renewable Energy Park located at Khavda in Gujarat, the company said in a statement.
Shares of Adani Green were up 5.8% to Rs 1,188.50 apiece in early trade on BSE Sensex.
“The extension of Construction Financing Framework to USD 3 bn is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17 GW,” said Vneet S Jaain, MD, Adani Green Energy.
“It will be a catalyst in the accelerated completion of the development activities at the project site. We thank the consortium for reposing faith in our project execution capabilities and strategic growth vision aligned to India’s decarbonization goals. We will continue the growth momentum to deliver the projects and support India’s clean energy transition,” he added.
Also Read: US examined Hindenburg allegations before giving loan to Adani“The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site,” the company said. “The world’s largest RE park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey.”The final agreements have been signed with 8 prominent international banks, all of which have been previous lenders and key players in setting up AGEL’s Construction Financing Framework since March 2021. The consortium of lenders extending the green loan facility includes BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.
The financing is an important component of AGEL’s comprehensive capital management strategy, fueling an expedited development initiative that drives beneficial growth, Adani Green said.
“We believe Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision,” said Amit Singh, CEO of Adani Green Energy.
Singh said the company is committed to expand its renewable power capacity to 45 GW by 2030.
