Adani Green Energy Limited (AGEL) announced that it will give $1.36 billion in capital to expand its construction financing framework to $ 3 billion, which will be backed by a consortium of famous international banks. The green lending facility will aid in the development of AGEL, the world's largest renewable energy park, which will be located in Khavda, Gujarat.
"The funding will help 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 business claimed in a news release. The world's largest renewable energy park, located in Khavda, will not only support AGEL's aim of 45 GW of operational renewable power by 2030, but will also play an important role in India's net zero path."
According to the press release, agreements have been signed with eight international banks, all of whom are returning lenders and have been crucial in building AGEL's Construction Financing Framework since March 2021. A consortium of lenders, including BNP Paribas, Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SPA, MUFG Ban, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation, has extended the green loan facility.
"The funding is a critical component of AGEL's overall capital management strategy and accelerated development programme, which promotes accretive growth." "AGEL's successful track record with the overall assurance structure of the construction framework has been instrumental in securing the international lending community's trust for the enhanced commitments," according to the announcement.
"The extension of the Construction Financing Framework to $3 billion is a historic landmark and will boost the development of the Khavda site, which is poised to become the world's largest Renewable Energy Park with a generation capacity of 17 GW," said Vineet S Jaain, managing director of Adani Green Energy Ltd. It will operate as a catalyst in hastening the completion of development activities at the project site. We appreciate the consortium's confidence in our project execution capabilities and strategic growth ambition, which are aligned with India's decarbonisation goals. We will maintain our momentum in order to complete the projects and contribute to India's clean energy revolution."
"We believe construction financing framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future," stated Amit Singh, CEO of Adani Green Energy Ltd. The money not only verifies our experience as a developer and operator of strategically important renewable energy projects, but it also shows our funders' confidence in our strategic vision. We are committed to delivering low-cost green electrons through the use of technology, the acceleration of digital transformation, and a sustained focus on development and operational excellence. We have pledged to increasing our renewable energy capacity to 45 GW by 2030, demonstrating our commitment to mitigating climate change concerns."
