The company said Adani Green Energy Limited (AGEL) has raised $ 1.35 billion in loans from 12 international banks for its under-construction, renewable-asset portfolio.
“The revolving project finance facility will initially finance a 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up under four SPVs (special purpose vehicles) in Rajasthan,” he said.
As per the agreement, 12 international banks have committed to the facility which according to the company’s statement will be the first certified green hybrid project loan in India.
“The new pool of liquidity reinforces AGEL’s strategy to fully fund its under-construction assets and increase its vision of scaling capacity to 25 GW by 2025,” AGEL said.
“This facility is an important element of AGEL’s overall capital management plan and is the key to fully financing its growth aspirations.”
“We see this as another validation of our execution potential in the renewable space,” AGEL CEO, Vineet S. Jain said, “
“We are committed to producing the least expensive green electron and the speed and scale at which we are prepared puts us well on this path.”
“We believe that establishing depth and diversity in our funding resources is critical to AGEL’s vision to become the largest renewable player in the world. The banks that have committed to this strategic transaction are responsible for our underlying renewable asset portfolio in the global We are key partners in ensuring smooth access to capital, ”he said.
He said that this facility would also ensure the capital recycling needs of banks and would also make it available for future projects of AGEL. This feature is a rotating form of wpi; Will help AGEL to achieve its target of 25GW portfolio by 2025.
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