Adani Green Energy Ltd (AGEL) on Thursday secured $400 million from a consortium of five leading international banks for its under-construction 750 MW solar projects in Rajasthan and Gujarat.
The financing will aid 750 MW of solar generation capacity in Rajasthan and Gujarat that are expected to be operational from November onwards, said AGEL, India’s largest renewable energy (RE) company.
One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
“The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster at Khavda in Gujarat,” the company said.
The consortium of lenders — Cooperative Rabobank U.A., DBS Bank Ltd., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation — paves the way for AGEL’s ambitious growth plans.
“The $400 million construction facility along with the funding solutions also provides the syndicated guarantee-backed assurance program in sync with AGEL’s procurement strategy,” the company noted.
AGEL has a 10,934 MW operational portfolio, the largest in India, delivering reliable, affordable and clean power to the national grid.
AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid capacity.