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Home » Business » Adani Green Energy receives USD 1.36 billion in financing from consortium of international banks

Adani Green Energy receives USD 1.36 billion in financing from consortium of international banks

AGEL said in a statement that the USD 1.36 billion senior debt facility will increase the company's funding pool to USD 3 billion since initial project financing in March 2021.

By Newsd
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As part of its construction financing framework, Adani Green Energy Limited (AGEL) announced on Tuesday that it had secured a funding of USD 1.36 billion from a consortium of international banks.

AGEL said in a statement that the USD 1.36 billion senior debt facility will increase the company’s funding pool to USD 3 billion since initial project financing in March 2021.

AGEL, India’s largest and world’s leading renewable energy company, announced further funding of USD 1.36 billion to boost its construction financing framework to USD 3 billion backed by a consortium of international banks.

It stated that the green loan facility will play a pivotal role in enabling AGEL to develop Khavda in Gujarat, the world’s largest renewable energy park.

The funding also marks an important achievement for the development of the 2,167 MW project at Khavda, which will serve as a stepping stone for future development of the Khavda renewable site.

According to AGEL, the world’s largest renewable energy park at Khavda will not only help AGEL achieve 45 GW of operating renewable capacity by 2030 but will also help India achieve net zero carbon emissions by 2050.

AGEL has executed definitive agreements with eight leading international banks, which are instrumental in establishing AGEL’s Construction Financing Framework.

As part of the consortium, 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 are participating.

Vneet S Jaain, MD, AGEL, said in the statement: ”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.”

Amit Singh, CEO, Adani Green Energy Ltd, said, ”We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks.” DBS Bank Ltd, MUFG Bank, Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation acted as Co-Green structuring banks whereas Coöperatieve Rabobank U.A. acted as Documentation and Structuring Bank and MUFG Bank, Ltd. acted as Guarantee structuring bank.

The borrower’s counsel was Latham & Watkins LLP and Saraf & Partners. The lenders’ counsel was Linklaters and Cyril Amarchand Mangaldas.

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