Adani Green signs $1.35 bn loan deal with dozen lenders

MUMBAI: Adani Green Energy Ltd (AGEL) on Thursday said it has raised $1.35 billion in debt from a dozen international lenders for its under-construction renewable asset portfolio.

The revolving project finance facility would be used to initially fund the 1.69 gigawatts hybrid portfolio of solar and wind renewable projects to be built through four special purpose vehicles (SPVs) in Rajasthan.

Standard Chartered Bank, Intesa Sanpaolo SpA, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank UA, DBS Bank Ltd, Mizuho Bank Ltd, BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank NV have committed for the financing facility, which will be the first certified green hybrid project loan in India, AGEL said in a statement.

“The facility is an important element of AGEL’s overall capital management plan and is key to fully funding its growth aspirations. The definitive agreement sets out a financing framework of agreed principles and procedures under which AGEL shall engage with the financiers to raise financing efficiently and expeditiously for all the future projects as per the agreed threshold parameters,” the statement said.

“The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio,” said Vneet Jain, CEO, Adani Green. “The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL. This revolving nature of the facility will help AGEL to achieve its goal of a 25GW portfolio by 2025. In addition, it positions AGEL well to capture growth in the attractive Indian renewable sector,” he added.