Adani Green Energy Raises $1.35 Billion in a Renewable Project Financing Deal

- Advertisement -

The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be setup in four SPVs in the state of Rajasthan, India

Adani Green Energy Limited (AGEL) raised a $1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be setup in four SPVs in the state of Rajasthan, India.

“We see this as yet another validation of our execution ability in the renewable space. We are committed to producing the least expensive green electron and the pace and scale we have embarked on puts us well ahead on this path. We believe that establishing depth and diversity in our funding resources is critical for AGEL’s vision to become the largest renewable player in the world. The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio,” said Vneet Jaain, MD & CEO, AGEL.

- Advertisement -

He added, “The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL. This revolving nature of the facility will help AGEL to achieve its goal of a 25GW portfolio by 2025. In addition, it positions AGEL well to capture growth in the attractive Indian renewable sector.”

According to the agreement, 12 international banks – Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank U.A., DBS Bank Ltd., Mizuho Bank, Ltd., BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V committed for the facility which will be the first certified green hybrid project loan in India. The new pool of liquidity strengthens AGEL’s strategy to fully fund its under-construction asset and augurs well for its vision of scaling capacity to 25 GW by 2025.

Standard Chartered Bank, acted as lead underwriter, Mandated Lead Arranger, Bookrunner (MLAB), environmental due diligence adviser, co-documentation bank and co-green loan coordinator for the facility. Likewise, MUFG Bank played the role of MLAB, technical bank, and co-green loan coordinator. Further, BNP Paribas acted as MLAB, co-documentation DBS Bank Ltd acted as MLAB, accounts bank and Mizuho was the MLAB, financial modelling bank. Intesa Sanpaolo S.p.A, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank U.A, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V. acted as MLABs for the Facility.

Among other partners, while Latham & Watkins LLP and Luthra & Luthra were the borrower’s counsel, the lenders’ counsel were Linklaters and Cyril Amarchand Mangaldas. Tractebel Engineering Private Limited acted as the lender’s technical advisor, UL acted as the lenders energy yield assessment consultant, ERM acted as the lenders environmental & social consultant, Arcadis acted as the lenders environmental and social due diligence consultant, Deloitte acted as the financial model audit consultant, Marsh acted as the lenders’ insurance agent and KPMG acted as independent assurance provider for the Green Loan.

AGEL’s renewable portfolios consists of over 14,815 MW of operating, under-construction and awarded projects.

- Advertisement -

Most Popular Articles

Tata Power Boosts EV Charging In Eastern Uttar Pradesh

0
Tata Power has launched new EV charging stations in Azamgarh and additional cities, enhancing electric vehicle connectivity throughout Eastern Uttar Pradesh. Tata Power, a leading...
Vanguard Slashes Ola's Valuation

Vanguard Slashes Ola’s Valuation To Approximately $1.88 Bn

0
The consolidated revenue of Ola increased to Rs 3,000 crore in FY23 from Rs 2,120 crore in FY22, while its EBITDA loss narrowed to...

China Presses France For EU-Friendly EV Trade Resolution

0
During a meeting with French junior trade minister Sophie Primas in Shanghai on Sunday, Wang Wentao emphasised that the European Union's probe into Chinese...
Global Tablet Shipment

Global Tablet Shipments Grows 20.4% To 39.6 Million Units in Q3 2024

0
The tablet market is experiencing a positive shift, with AI integration playing a pivotal role in revitalizing consumer interest and driving growth. After witnessing a...

Electric Two-Wheelers Zoom Ahead With An 85% Sales Surge In October

0
In the first ten months of 2024, sales of electric two-wheelers reached 954,164 units, marking a 38% increase from the 692,363 units sold during...
Dr Yashodhan P. Gokhale, Vice President for Battery Technology, JSW Energy

Charge Forward: High-Voltage Batteries And MSMEs Can Fuel India’s EV Revolution

0
A nuanced explanation of low- and high-voltage EV batteries by Dr Gokhale, Vice President for Battery Technology at JSW Energy, illuminates their advancements and...
Sanjay Gupta, CDO & Global Head of Engineering, L&T Semiconductor Technologies

Can MSMEs Contribute And Profit From The Semicon Boom?

0
Semiconductor manufacturing often requires significant investment, typically feasible only for governments or large corporations. But are there opportunities for MSMEs as well? We spoke...
N.P. Ramesh, COO and Co-Founder, Orb Energy

“We Ensured Customers’ Monthly EMI Would Be Equal To Or Less Than Their Electricity...

0
In a conversation with Nitisha from EFY, N.P. Ramesh of Orb Energy outlines the early financing challenges customers faced. He explains how Orb Energy’s...

“Government Policy Should Equitably Address All Electric Vehicles: Extend Subsidies To Retrofits Or Remove...

0
Aryaman Raghuvanshi from EFY engages with Pramod Narendra, Head of Brand Management and Retail Network at Starya Mobility, to explore the overlooked potential of...
Rupali Pawar, Senior Vice President of Business at Mukunda Foods

“Transforming Global Cuisines by Automating 80% Of Recipes” – Rupali Pawar, Senior Vice President...

0
In a recent discussion with Nitisha from EFY, Rupali Pawar, Senior Vice President of Business at Mukunda Foods, provided valuable insights into the advancements...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...

Karnataka Government Initiative Promises ₹5M To Tech Startups

0
Boosting innovation and entrepreneurship across the state’s vibrant ecosystem, Karnataka launched Elevate 2024 and KAN, offering grants up to ₹5 million for startups. On Tuesday,...

CastNX Tech Startup Secures ₹232M For Power Electronics Growth

0
Eyeing to boost R&D and produce 100,000 variable frequency drives by 2026, Indian power electronics startup CastNX has secured ₹232.2 million from Plutus Investments. CastNX...

Industry's Buzz

Learn From Leaders

Startups