Indian renewables developer Adani Green Energy Ltd. (AGEL) has closed a US$1.36 billion debt facility to support the development and construction of its large-scale projects.
The funding forms an expansion of AGEL’s Construction Financing Framework, which now totals US$3 billion. Several banks backed the financing, including BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd and others.
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AGEL said the financing will support the construction of its planned renewables capacity additions at the Khavda renewable park in the state of Gujarat. Its initial plan is for 2,167MW of capacity additions at Khavda, with further expansion expected in the future. The company has plans for 45GW of installed renewables generation capacity by 2030.
In July 2023, Indian utility Gujarat Urja Vikas Nigam (GUVNL) announced a competitive auction seeking 1.2GW of new solar project capacity for the Khavda park.
Vneet S Jaain, MD at AGEL, said: “The extension of Construction Financing Framework to US$3 bn is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17GW. It will be a catalyst in the accelerated completion of the development activities at the project site.”
In the FY 2022-23, AGEL saw its annual EBITDA from power supply operations increase by 57%. September saw the company enter into a joint venture (JV) with French energy major TotalEnergies, receiving a US$300 million investment from the latter to develop 1,400MW of project capacity in India.