Adani Green Secures $1.36 Billion in Follow-on Funding for Gujarat Renewable Energy Park
Adani Green Energy (AGEL) has successfully secured a follow-on funding of $1.36 billion from an international consortium of eight banks, enhancing its construction financing pool to a substantial $3 billion. In a regulatory filing, the company stated that this marks one of the most significant project financing deals in Asia.
The funds raised through this green loan facility will be instrumental in advancing the development of the world’s largest renewable energy park in Khavda, Gujarat. The park is projected to boast a substantial generation capacity of 17 GW.
The consortium of lenders that contributed to this loan facility includes BNP Paribas, Cooperatieve Rabobank UA, DBS Bank, Intesa Sanpaolo SpA, MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp.
Amit Singh, the Chief Executive of AGEL, emphasized the company’s commitment to delivering cost-effective green energy by leveraging technology, driving digital transformation, and maintaining a steadfast focus on development and operational excellence. Singh stated, “We are committed to expanding our renewable power capacity to 45 GW by 2030, underscoring our dedication to mitigate climate change risks.”
AGEL specializes in the development, ownership, and operation of utility-scale grid-connected solar, wind, and hybrid renewable power plants. Currently, the company boasts an operational renewable portfolio of 8.4 GW, the largest in India, spanning across 12 states and offsetting over 41 million tonnes of CO2 emissions cumulatively.
This significant funding deal aligns with global efforts as nations converge at the 28th United Nations Climate Change Conference to pledge their commitments to energy transition and emissions reduction goals.
