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Adani Green Energy raises USD 400-mln for solar power projects

Thursday, 11 Jul 2024
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Adani Green Energy (AGEL) has raised USD 400 million in financing from a consortium of international lenders for its under-construction 750 MW solar power projects in Rajasthan and Gujarat. The Rajasthan project, with a capacity of 500 MW, has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI). The 250 MW capacity is a merchant power project, being implemented at the world’s largest renewable energy cluster in Khavda, Gujarat.

The lenders, Cooperative Rabobank., DBS Bank, Intesa Sanpaolo, MUFG Bank, and Sumitomo Mitsui Banking Corporation have provided the debt facility. 

The company has announced its plan to invest Rs 1.3 trillion in 2024-25 to expand capacity across its portfolio companies and will raise up to Rs 25,000 crore in equity in this financial year to fund the projects. Among its portfolio companies, AGEL plans to invest Rs 34,000 crore to expand its facilities at the Khavda site alone. The construction facility also provides a syndicated guarantee-backed assurance program in line with AGEL’s procurement strategy.

The green loan, housed under AGEL’s subsidiaries, supports the company’s growth trajectory. AGEL already operates a portfolio of 10,934 Mw, comprising 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid capacity.

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