(MENAFN- IANS) New Delhi, Dec 5 (IANS) Adani Green energy Ltd (AGEL), India's largest and world's leading renewable energy player announced follow-on funding of $1.36 billion to further boost its construction Financing Framework to $3 billion backed by a consortium of renowned international banks.
The green loan facility will play a pivotal role in enabling the development of AGEL's next milestone -- the world's largest Renewable Energy Park at Khavda in Gujarat.
The funding also 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.
The world's largest RE park at Khavda will not only enable AGEL's vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India's net zero journey.
The definitive agreements have been executed with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL's Construction Financing Framework since March 2021.
The green loan facility has been extended by consortium of lenders which include -- BNP Paribas, Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The funding is an important element of AGEL's overall capital management plan and accelerated development programme fostering accretive growth.
AGEL's successful track record with overall assurance structure of the construction framework are instrumental in securing the trust of the international lending community for the enhanced commitments.
The facility is also certified by Second Party Opinion provider Sustainalytics based on AGEL's sustainable strategy, alignment with core components of Green Loan principles and sustainability quality of the asset pool which provides significant contributions to Sustainable Development Goal (SDG) 7 (affordable and clean energy).
Speaking on the milestone, Vneet S Jaain, MD, 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. We thank the consortium for reposing faith in our project execution capabilities and strategic growth vision aligned to India's decarbonization goals. We will continue the growth momentum to deliver the projects and support India's clean energy transition."
Amit Singh, CEO, Adani Green Energy Ltd, said: "We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The 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 deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks.
"Sustainability and innovative and scalable financing solution are intrinsically linked, forming twin engines driving progress to transition into low-carbon future," said Anupam Misra, Head - Group Corporate Finance (Adani Portfolio), he further added: "This is a historical moment for us alongside the 28th United Nations Climate Change Conference (COP28), as we stride in, accelerating development of sustainable infrastructure.
"We are incredibly proud to put forward the framework for our portfolio companies where in we have raised sustainable financing solutions for Adani Green, Adani Energy Solution to support the delivery of critical infrastructure projects.
"The latest funding marks the third round of participation from lenders for Adani Green Energy Ltd and provides the successful template for the fund raise in sync with our capital management plan.
--IANS
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