Adani Green Energy Secures $400 Million Financing for Solar Projects: Adani Green Energy Ltd (AGEL) has successfully secured a $400 million finance package from a consortium of international banks to support its ongoing solar projects in Gujarat and Renewable energy in Rajasthan. These AGEL projects, totaling 750 MW in capacity, are set to commence operations from November 2024 onwards.
AGEL – Project Details
Rajasthan Project:
Adani Green Energy Ltd (AGEL)’s project in Rajasthan boasts a capacity of 500 MW and has entered into a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
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Khavda, Gujarat Project:
The second project, with a capacity of 250 MW, is a standalone merchant power project situated in Khavda, Gujarat, within the world’s largest Renewable energy (RE) cluster.
AGEL – Consortium of Lenders
The consortium providing financial support comprises Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.
AGEL – Commitment to Clean Energy
Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading Renewable energy (RE) companies, announced securing $400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat.
AGEL – Diversifying Revenue Streams
“With confidence in the evolving merchant energy market, Adani Green Energy Ltd (AGEL) is diversifying revenue streams, along with traditional PPAs, to enhance project revenue and position itself favorably for sustained value creation,” stated AGEL.
AGEL – Financial Assurance and Sustainability
The $400 million construction facility, along with funding solutions, also provides the syndicated guarantee-backed assurance program in sync with Adani Green Energy Ltd (AGEL)’s procurement strategy. The transaction paves the way for a sustainable debt structure, developed as part of AGEL’s capital management plan, for financing merchant exposure.
AGEL – Operational Portfolio
Adani Green Energy Ltd (AGEL) currently maintains India’s largest operational portfolio, totaling 10,934 MW, delivering clean power to the national grid. This includes 7,393 MW of solar capacity, 1,401 MW of wind capacity, and 2,140 MW of wind-solar hybrid capacity. AGEL remains committed to delivering reliable, affordable, and clean power to the national grid.
Conclusion
Adani Green Energy Ltd’s securing of $400 million in financing marks a significant step towards its commitment to expanding Renewable energy capacity in India. With projects in Rajasthan and Gujarat, Adani Green Energy Ltd (AGEL) is poised to contribute significantly to India’s Renewable energy goals while diversifying revenue streams and ensuring sustainable growth.
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