Adani Green Energy has announced that it has raised debt of about $1.35 billion for its under-construction renewable energy projects. The debt has been raised via definitive agreement signed with a group of 12 international lenders.

In a statement, Adani Green Energy states, However, the revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in four SPVs (special purpose vehicles) in Rajasthan.

Furthermore, the company claims that this would be the first certified green hybrid project loan in India. The 12 international banks that would offer loan includes Intesa Sanpaolo S.p.A, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank, DBS Bank, Mizuho Bank, BNP Paribas, Coöperatieve Rabobank U.A., Barclays Bank PLC, Siemens Bank GmbH, Deutsche Bank AG, ING Bank N.V.

The statement says, “AGEL raised a $1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders.”

The latest funding is expected to strengthen AGEL fully its under-construction asset and augurs well for its vision of scaling capacity to 25 GW by 2025. Furthermore, the facility is an important element of AGEL’s overall capital management plan and is a key to fully support its growth aspirations.

AGEL would engage with the financiers to gather financing efficiently and expeditiously for all the future projects as per the agreed threshold parameters, it adds.

Vneet Jaain, CEO, AGEL says, “We believe that establishing depth and diversity in our funding resources is critical for AGEL’s vision to become the largest renewable player in the world. 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.”

The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL and will position the company well to capture growth in the attractive Indian renewable sector, he added.

AGEL, a part of Adani Group has one of the massive global renewable portfolios with over 14,815 MW of operating, under-construction and awarded projects catering to investment-grade counterparties. Also, in 2018, AGEL was listed as a $25.03 billion market cap company that would held India meet its COP21 (Paris agreement) goals.