Business India ×
 Climate Change

Renewable Energy
Published on: March 23, 2022, 11:35 a.m.
Adani Green raises $288 million
  • AGEL has set a target of achieving 45GW renewable energy capacity by 2030

By Business India Editorial

Adani Green Energy Ltd (AGEL), an Adani Group company and the world’s largest solar power developer, has announced that it has extended its construction financing framework to $1.64 billion by raising $288 million from a group of seven international banks. 

The developer shall use the senior debt facility to initially finance its 450MW hybrid portfolio of solar and wind renewable projects under construction in Rajasthan. 

In March last year, AGEL had raised a $1.35 billion revolving fund in one of Asia’s largest project financing deals. 

BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation have signed definitive agreements for the $ 288-million loan facility.

The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio as it targets 45GW renewable energy capacity by 2030.

“The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonising power generation,” said Vneet S Jaain, managing director and chief executive officer, AGEL. “We are committed to sustainable growth and to catalysing energy transition. AGEL has set a target of achieving 45GW renewable energy capacity by 2030, representing 10 per cent of the Government of India’s 450GW countrywide renewable energy target. Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth.”

Standard Chartered Bank acted as Mandated Lead Arranger, Bookrunner (MLAB), Documentation Bank, and E&S co-ordinator bank. MUFG Bank and Sumitomo Mitsui Banking Corporation acted as MLABs, jointly acted as co-technical advisors and co-green loan advisors. Further, BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A. and Societe Generale each acted as MLABs for the debt facility. Among other partners, Latham & Watkins LLP and Saraf & Partners were the borrower’s counsel. The lenders’ counsels were Linklaters and Cyril Amarchand Mangaldas.


Mobility

As companies line up new products, competition hots up

New EVs in the fray

Published on Jan. 25, 2023, 8:20 p.m.

As companies line up new products, competition hots up

Shipping

Embracing the wind to reduce emissions is a growing trend in the shipping industry

Ships get ‘greener’

Published on Jan. 25, 2023, 7:58 p.m.

Embracing the wind to reduce emissions is a growing trend in the shipping industry

Renewable Energy

BPCL signs MoU with Rajasthan to set up a 1 GW RE plant

BPCL to set up 1GW RE plant

Published on Jan. 25, 2023, 7:40 p.m.

BPCL signs MoU with Rajasthan to set up a 1 GW RE plant

Investment

The government mulls to issue its first green bonds at a 'greenium’

Green bonds on cards

Published on Jan. 25, 2023, 7:10 p.m.

The government mulls to issue its first green bonds at a 'greenium’

E-MAGAZINE

Agriculture

The introduction of black pepper as an inter-crop in the sopari and coconut orchards, has enabled farmers to cultivate crops simultaneously

Skill Development

In 2020-21, the programme reached over 112,482 girls in urban and rural locations across six states in India, including 10,000 across Delhi

Collaboration

The event brought together stakeholders and changemakers to participate in a series of conversations on global trends and recent developments

Healthcare

The programme will focus on educating children on oral health and building awareness around the dangers of tobacco use