Adani Green Energy secures USD 400 million long-term project finance for renewable energy projects

Adani Green secured $400 million financing for its 750 MW solar projects in Gujarat and Rajasthan. The projects will be operational from November 2024, with one in Rajasthan under a PPA with SECI and the other in Khavda, Gujarat, as a merchant project. The financing consortium includes five international banks.

Adani Green Energy Ltd (AGEL) on Thursday said it has secured USD 400 million finance from a consortium of five international banks for its under construction solar projects of 750 MW in Gujarat and Rajasthan.

These projects are expected to come online from November 2024 onwards, a company statement said.

One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI).

The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster in Khavda, Gujarat.

The consortium of lenders includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.

AGEL has 10,934 MW operational portfolio, largest in India, delivering reliable, affordable, and clean power to the national grid. AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.

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