Indian renewable energy player Adani Green Energy Ltd (AGEL) has announced receiving one of the 'largest' project finance deals in Asia to help build the world's 'largest' renewable energy park. The $1.36 billion raised will enable the development of 2.167 GW in the initial stage at Khavda, Gujarat.
The company has raised $1.36 billion green loan as part of its Construction Financing Framework from a consortium of 8 international banks. All of these returning lenders are BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
According to the company, this boosts its Construction Financing Framework to $3 billion.
Proceeds will be used by AGEL to develop its Khavda, Gujarat located renewable energy project with 17 GW capacity. In July 2023, at the company's 31st Annual General Meeting, Adani Group Chairman Gautam Adani said the company is building the largest hybrid renewables park in the world in the desert of Khavda, with 20 GW planned capacity on over 72,000 acres of space.
AGEL said the loan, certified by Sustainalytics, is an important element of its overall capital management plan and accelerated development program fostering accretive growth.
Previously in 2021, the company announced a $1.35 billion senior debt facility from 12 international banks for its under-construction renewable energy portfolio, calling it one of Asia's largest project financing deals.
Targeting 45 GW renewable energy capacity by 2030, AGEL currently has an operational renewable energy portfolio of 8.4 GW and a locked-in growth trajectory of up to 20.4 GW (see Adani Targets 45 GW RE Capacity By 2030).