Adani Green Energy Ltd (AGEL) has secured significant follow-on funding of $1.36 billion, elevating its Construction Financing Framework to $3 billion. This financial boost is backed by a consortium of distinguished international banks and will play a pivotal role in propelling the development of the world's largest Renewable Energy Park at Khavda in Gujarat.
The funding is a substantial milestone for AGEL, enabling the initial development of 2,167 MW at the Khavda site, with future plans to expand its renewable capacity to 45 GW by 2030. This project aligns with India's net-zero journey and represents a critical stride towards sustainable energy production.
Definitive agreements have been signed with eight leading international banks, all of which have been key contributors to AGEL's Construction Financing Framework since March 2021. This funding, certified by Second Party Opinion provider Sustainalytics, reflects AGEL's commitment to sustainable development, green principles, and its contributions to achieving Sustainable Development Goal 7 (affordable and clean energy).
The extended funding represents a historic landmark for AGEL's capital management plan and accelerated development program. It underscores AGEL's track record and assurance structure, garnering trust from the international lending community for their enhanced commitments.
Vneet S Jaain, MD of Adani Green Energy Ltd, expressed gratitude to the consortium for their confidence in AGEL's project execution capabilities, emphasizing their commitment to supporting India's clean energy transition and delivering projects efficiently.
Amit Singh, CEO of AGEL, highlighted the Construction Financing Framework's importance, acknowledging the trust shown by financiers in AGEL's vision and capabilities as a developer and operator of vital renewable energy projects.
Anupam Misra, Head of Group Corporate Finance at Adani Portfolio, emphasized the historical significance of the funding alongside the 28th United Nations Climate Change Conference (COP28). He stressed the importance of sustainable financing solutions, showcasing AGEL's commitment to accelerating sustainable infrastructure development.
This financing marks the third round of successful participation from lenders for Adani Green Energy Ltd, providing a robust financial blueprint in alignment with their capital management plan.
(With Agency Inputs)