Business India ×
 Climate Change

Renewable Energy
Published on: March 23, 2022, 11:35 a.m.
Adani Green raises $288 million
  • AGEL has set a target of achieving 45GW renewable energy capacity by 2030

By Business India Editorial

Adani Green Energy Ltd (AGEL), an Adani Group company and the world’s largest solar power developer, has announced that it has extended its construction financing framework to $1.64 billion by raising $288 million from a group of seven international banks. 

The developer shall use the senior debt facility to initially finance its 450MW hybrid portfolio of solar and wind renewable projects under construction in Rajasthan. 

In March last year, AGEL had raised a $1.35 billion revolving fund in one of Asia’s largest project financing deals. 

BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation have signed definitive agreements for the $ 288-million loan facility.

The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio as it targets 45GW renewable energy capacity by 2030.

“The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonising power generation,” said Vneet S Jaain, managing director and chief executive officer, AGEL. “We are committed to sustainable growth and to catalysing energy transition. AGEL has set a target of achieving 45GW renewable energy capacity by 2030, representing 10 per cent of the Government of India’s 450GW countrywide renewable energy target. Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth.”

Standard Chartered Bank acted as Mandated Lead Arranger, Bookrunner (MLAB), Documentation Bank, and E&S co-ordinator bank. MUFG Bank and Sumitomo Mitsui Banking Corporation acted as MLABs, jointly acted as co-technical advisors and co-green loan advisors. Further, BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A. and Societe Generale each acted as MLABs for the debt facility. Among other partners, Latham & Watkins LLP and Saraf & Partners were the borrower’s counsel. The lenders’ counsels were Linklaters and Cyril Amarchand Mangaldas.


E-vehicles

Ola has set a target of opening 200 outlets by the end of 2022

Ola opens 14 experience centres

Published on Dec. 1, 2022, 8:54 p.m.

Ola has set a target of opening 200 outlets by the end of 2022

Mobility

Kerala goes for environment-friendly rides

Kerala to get e-double-deckers

Published on Dec. 1, 2022, 8:40 p.m.

Kerala goes for environment-friendly rides

Renewable Energy

Google, Microsoft to reduce carbon footprint

Google, Microsoft go the RE way

Published on Dec. 1, 2022, 8:19 p.m.

Google, Microsoft to reduce carbon footprint

Global warming

Microbes can ‘switch on’ to cope with climate change

Microbes and climate change

Published on Dec. 1, 2022, 7:55 p.m.

Microbes can ‘switch on’ to cope with climate change

E-MAGAZINE

Company Feature

Classrooms go live, thanks to Airtel

Published on April 5, 2022, 11:25 a.m.

Despite the pandemic, Bharti Foundation has ensured that children are not deprived of learning opportunities

Column

Collaborative excellence

Published on April 4, 2022, 8:53 p.m.

A policy perspective for meeting SDG-9 in low resource setting of developing economies

Column

Innovation and infrastructure

Published on April 4, 2022, 8:10 p.m.

India is well-positioned to become a model of corporate sustainability

Column

‘More for less’

Published on April 1, 2022, 10:12 p.m.

The merger of technology and SDGs – A game-changing win of the era