Adani Green Energy Ltd. (AGEL) has recently clinched an additional $1.36 billion in funding through a senior debt facility, propelling its total construction financing framework to an impressive $3 billion. This funding, courtesy of a consortium of international banks, is earmarked for the development of the world’s largest renewable energy park in Khavda, Gujarat.
The consortium supporting AGEL’s funding includes prominent names such as BNP Paribas, DBS Bank Ltd, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. Anupam Misra, Head of Group Corporate Finance (Adani Portfolio), highlights that this latest funding round marks the third successful participation from lenders for Adani Green Energy, setting a positive precedent for future fundraises.
The newly secured funds are dedicated to kickstarting the development of a massive 2,167 MW renewable energy facility at Khavda. Vneet Jaain, MD & CEO of Adani Green Energy Ltd, emphasizes that this injection of capital will accelerate the progress of the Khavda site, poised to become the world’s largest Renewable Energy Park with a robust generation capacity of 17 GW. This project stands as a pivotal stepping-stone for the site’s future expansion.
Aligning seamlessly with AGEL’s vision, the Khavda project is instrumental in AGEL’s ambitious target of achieving 45 GW of operating renewable capacity by 2030. Beyond the corporate goals, it plays a significant role in India’s broader journey toward achieving net zero emissions.
This strategic move is unveiled as global economies convene at the 28th United Nations Climate Change Conference (COP28) to deliberate on energy transition strategies and emissions reduction goals. The future looks bright for AGEL as it takes bold strides towards sustainable energy development.