Adani Green Energy Secures USD 1.36 Billion Financing from International Banks

Adani Green Energy (AGEL) has confirmed securing USD 1.36 billion in funding from an international consortium of banks under its construction financing framework. This senior debt facility elevates the company's funding pool to USD 3 billion, building upon the initial project financing obtained in March 2021, AGEL stated. Described as India's largest and a global leader in renewable energy, AGEL announced an additional funding round of USD 1.36 billion to expand its construction financing framework to USD 3 billion, supported by a group of prominent international banks.

AGEL expressed that the green loan facility's approval is crucial for progressing towards the development of the Khavda renewable energy park in Gujarat, touted as the world's largest. This funding marks a significant step in launching a 2,167 MW project at Khavda, serving as a foundation for future expansions at the site. Moreover, the establishment of the renewable energy park at Khavda aligns with AGEL's objective to achieve 45 GW of operational renewable capacity by 2030 and contributes significantly to India's efforts towards achieving net-zero carbon emissions.

The company has entered definitive agreements with eight prominent international banks, crucial in establishing AGEL's Construction Financing Framework since March 2021. These lenders include BNP Paribas, Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. Vineet S Jaain, MD at AGEL, highlighted the significance of the financing extension to USD 3 billion, emphasizing its role in advancing the Khavda site into the world's largest renewable energy park, aiming for a generation capacity of 17 GW.

Amit Singh, CEO of Adani Green Energy Ltd, emphasized their commitment to expanding renewable power capacity to 45 GW by 2030, emphasizing their dedication to mitigating climate change risks. Additionally, DBS Bank Ltd, MUFG Bank, Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation served as Co-Green structuring banks, while Cooperatieve Rabobank U.A. functioned as Documentation and Structuring Bank, and MUFG Bank, Ltd. as the Guarantee structuring bank. Legal counsel for the borrower included Latham & Watkins LLP and Saraf & Partners, while Linklaters and Cyril Amarchand Mangaldas served as the lenders' counsel.