Adani Green Energy bags project financing to support 1.69GW of solar and wind

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Adani’s 780MWp Kamuthi project in the Indian state of Tamil Nadu. Image: Adani Green Energy.

Indian PV developer Adani Green Energy has raised a US$1.35 billion debt package to initially support the construction of a 1.69GW hybrid portfolio of solar and wind projects in the state of Rajasthan.

Some 12 international banks will commit to the revolving project finance facility, which Adani claimed will be India’s first certified green hybrid project loan.  

The company said the new liquidity pool is key to fully funding its growth aspirations, which include a target of achieving an installed generation capacity of 25GW of renewable power by 2025, a ramp-up requiring a total clean energy investment of US$15 billion.

Analysis published last month by consultancy JMK Research & Analytics revealed that Adani has India’s largest operating portfolio of utility-scale solar and wind assets. With an addition of 700MW last year, Adani Green Energy’s renewables capacity is now around 3,245MW. This will be bolstered by the development of 3GW of PV capacity the company recently secured in an auction in the state of Andhra Pradesh.

Adani Green Energy earlier this year strengthened ties with Total, with the French oil and gas major acquiring a 20% stake in the company.

On the latest financing agreement, Adani Green Energy (AGEL) CEO Vneet Jaain said the deal positions the firm to capture growth in India’s renewables sector.  “We believe that establishing depth and diversity in our funding resources is critical for AGEL’s vision to become the largest renewable player in the world.”

The 12 banks committing to the facility are: Standard Chartered, Intesa Sanpaolo, MUFG, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays, Deutsche Bank, Siemens Bank and ING.

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