Adani Green Energy raises US$ 1.35 billion in debt funding


Adani Green Energy Limited (AGEL) has announced it has raised US$ 1.35 billion in debt funding for its under-construction renewable asset portfolio. The revolving fund would initially finance the 1.69 GW hybrid portfolio of solar and wind projects to be set up through its four special purpose vehicles in the Indian state of Rajasthan.  

According to the agreement, 12 international banks committed for the facility that will be the first certified green hybrid project loan in India. The lenders include Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank AG, Siemens Bank GmbH and ING Bank. 

The new liquidity pool 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. 

“The facility is an important element of AGEL’s overall capital management plan and is key to fully funding its growth aspirations. The definitive agreement sets out a financing framework of agreed principles and procedures under which AGEL shall engage with the financiers to raise financing efficiently and expeditiously for all the future projects as per the agreed threshold parameters,” read a statement by Adani Green.

Speaking on this development, Vneet Jaain, managing director and chief executive officer, AGEL, said, “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. 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 achieve its goal of a 25GW portfolio by 2025. Besides, it positions AGEL well to capture growth in the attractive Indian renewable sector.”

Adani Green Energy, started in 2015 with the world’s largest single-location solar power project (648 MW) in Kamuthi, Tamil Nadu, today has one of the largest global renewable portfolios with over 14.8 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. 


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