India-based Adani Green Energy has raised over $1bn debt package for its 1690MW renewables portfolio through agreements signed with international lenders.
The $1.35bn revolving project finance facility will initially fund a 1.69GW portfolio of solar and wind projects to be built by four special purpose vehicles in the state of Rajasthan.
Under the terms of the financing agreement, 12 international banks, including Standard Chartered Bank, Intesa Sanpaolo, Sumitomo Mitsui Banking Corporation and Barclays Bank committed to the facility, which will be the first certified green hybrid project loan in India.
The facility sets out a framework of agreed principles and procedures under which Adani will engage with the financiers to raise financing for all the future projects as per the agreed threshold parameters.
Adani chief executive Vneet Jaain said: “We see this as yet another validation of our execution ability in the renewable space.
“The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio.
“This revolving nature of the facility will help AGEL to achieve its goal of a 25GW portfolio by 2025.
“In addition, it positions AGEL well to capture growth in the attractive Indian renewable sector.”