Adani Green Energy Limited (AGEL) has secured USD400 million financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks.
It will provide financing for projects that are expected to come online from November 2024 onwards. One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement with the Solar Energy Corporation of India Limited. The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest renewable energy cluster at Khavda in Gujarat. The consortium of lenders – Cooperative Rabobank U.A., DBS Bank Limited, Intesa Sanpaolo S.p.A., MUFG Bank Limited, and Sumitomo Mitsui Banking Corporation – paves the way for AGEL’s ambitious growth plans.