Adani Green secures $1.36 billion debt facility to finance Khavda RE Park  


Adani Green Energy Ltd (AGEL), India’s largest and world’s leading renewable energy player, has announced a follow-on funding of $1.36 billion (billion) from a consortium of renowned international banks. The funding boosts its Construction Financing Framework to $3 billion since initial project financing in March 2021.

The facility, Green Loan certified by Sustainalytics, will be utilized by AGEL to develop the world’s largest renewable energy park of 17 GW at Khavda in Gujarat. AGEL is developing the Khavda park on land allotted by the Government of Gujarat under the ‘Government Waste Land Policy 2019.

‘The latest funding marks a significant achievement 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,” stated AGEL.

For the latest funding, AGEL has signed definitive agreements with eight leading international banks, which are all returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021. The lenders include BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.

Vneet S Jaain, managing director of Adani Green Energy Ltd, said, “The extension of Construction Financing Framework to $3 billion is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17 GW. It will be a catalyst in the accelerated completion of the development activities at the project site.”

The Construction Financing Framework is an essential element of AGEL’s development program as it targets 45 GW of renewable power generation capacity by 2030.

“The [latest] funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision. We are committed to delivering low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence,” said Amit Singh, CEO of Adani Green Energy Ltd.

DBS Bank Ltd, MUFG Bank, Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp. acted as co-green structuring banks, whereas Coöperatieve Rabobank U.A. acted as documentation and structuring bank and MUFG Bank, Ltd. acted as guarantee structuring bank.

Latham & Watkins LLP and Saraf & Partners were the borrower’s counsel. The lenders’ counsel were Linklaters and Cyril Amarchand Mangaldas.

AGEL develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. With a locked-in growth trajectory up to 20.4 GW, AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states.


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