Adani Green Scores $400M for Solar Push

Adani Green Energy Limited (AGEL) has successfully secured USD 400 million in financing from a consortium of international lenders for its ongoing solar power projects in Rajasthan and Gujarat. The substantial funding backs a 750 MW project, with 500 MW in Rajasthan and 250 MW in Gujarat’s Khavda renewable energy cluster.

The financing is provided by prominent banks, including Cooperative Rabobank, DBS Bank, Intesa Sanpaolo, MUFG Bank, and Sumitomo Mitsui Banking Corporation. The 500 MW Rajasthan project boasts a long-term power purchase agreement with the Solar Energy Corporation of India (SECI), while the 250 MW Gujarat project is positioned as a merchant power initiative.

In line with its aggressive expansion strategy, AGEL announced plans to invest Rs 1.3 trillion in the 2024-25 fiscal year to bolster capacity across its portfolio. This includes a substantial Rs 34,000 crore allocation for the Khavda site alone. Additionally, AGEL intends to raise up to Rs 25,000 crore in equity to support these ambitious projects.

The green loan is housed under AGEL’s subsidiaries, providing a syndicated guarantee-backed assurance program consistent with the company's procurement strategy. AGEL’s robust portfolio already includes 10,934 MW of capacity, featuring 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid.

This significant financing marks a pivotal step in AGEL’s growth trajectory, reinforcing its commitment to expanding renewable energy capabilities and solidifying its leadership in the sector.

News by Rahul Yelligetti