Adani Green raises $288 million construction financing

Adani Green Energy Limited (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.

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, 7 international banks – BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Limited, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation – have committed for the facility. The loan comes under the category of a certified green hybrid project loan. The facility is in line with AGEL’s strategy to fast-track the development of its under-construction asset portfolio in sync with accelerating the energy transition.In March 2021, AGEL had closed a $1.35 billion construction revolver facility in one of Asia’s largest project financing deals.