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India’s Adani Green Energy Ltd (BOM:541450) has obtained a USD-1.36-billion (EUR 1.26bn) senior debt facility to bankroll the installation of initial capacity at a proposed 17-GW renewable energy park in the state of Gujarat.
The fresh capital was secured as a follow-on funding from an international lending consortium and brings the funds under Adani Green’s construction financing framework to USD 3 billion. The total proceeds were raised after an initial deal in March 2021, renewables business of India’s Adani Group said in a bourse filing on Tuesday.
Eight banks took part in the funding round, described as one of the largest project finance transactions in Asia. Namely, the lenders are BNP Paribas, Rabobank, DBS Bank, Intesa Sanpaolo, MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The financing commitment will back the construction of 2,167 MW of renewable power plants as part of a hybrid complex consisting of wind and solar photovoltaic (PV) plants. The project in the village of Khavda, in the Kutch district of Gujarat, aims to support Adani Green’s goal to expand its renewable power generation capacity to 45 GW by the end of the decade.
(USD 1.0 = EUR 0.923)
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