International banks instrumental in establishing Construction Financing Framework
Adani Green Energy Ltd (AGEL) has secured follow-on funding of US$1.36 billion to further boost its Construction Financing Framework to US$3 billion backed by a consortium of renowned international banks.
The definitive agreements have been executed with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021.
The green loan facility has been extended by consortium of lenders which include– BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The green loan facility will play a pivotal role in enabling the development of AGEL’s next milestone- the world’s largest Renewable Energy Park at Khavda in Gujarat.
The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site.
The world’s largest RE park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey.
Adani Green Energy Ltd CEO Amit Singh said on 5 Dec, “We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future.
“The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision.
“We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks.”
“Sustainability and innovative and scalable financing solution are intrinsically linked, forming twin engines driving progress to transition into low-carbon future,” said Anupam Misra, Head – Group Corporate Finance (Adani Portfolio).
“This is a historical moment for us alongside the 28th United Nations Climate Change Conference (COP28), as we stride in, accelerating development of sustainable infrastructure.” Fiinews.com
