From group of leading international lenders
Adani Green Energy raised a USD 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.According to the agreement, 12 international banks - Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coeratieve 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.
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.
The facility underlines the overall development philosophy of Adani portfolio companies implemented through in-house developed project excellence framework committed to follow equator principles and the highest standard of due diligence covering all international standard Environment, Social and Governance (ESG) aspects.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
