A group of five top international banks provided $400 million, or around Rs 29,600 crore, to Adani Green Energy Ltd (AGEL). Its ongoing 750 MW solar power projects in Gujarat and Rajasthan would be funded with the help of the funding.
It will help these solar projects get completed and put into service; operations are scheduled to start in November 2024.
With a 500 MW capacity and a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI), one of the major projects is situated in Rajasthan.
The second project is a 250 MW independent merchant power facility inside the biggest renewable energy (RE) cluster in the world, located in the Khavda district of Gujarat.
With a 500 MW capacity and a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI), one of the major projects is situated in Rajasthan.
The second project is a 250 MW independent merchant power facility inside the biggest renewable energy (RE) cluster in the world, located in the Khavda district of Gujarat.
Cooperative Rabobank UA, DBS Bank Ltd., Intesa Sanpaolo SpA, MUFG Bank Ltd., and Sumitomo Mitsui Banking Corporation are among the lenders in the partnership.
For the Adani Group's ambitious expansion goals in the renewable energy industry, this finance deal is a significant step forward.
In keeping with AGEL's strategic procurement strategies, the $400 million construction facility includes a syndicated guarantee-backed assurance program along with customized financial options. As part of AGEL's capital management strategy, this transaction creates a sustainable loan structure that expressly addresses financing for merchant risk.
