Adani Green Energy Ltd (AGEL) secured $400 million in funding from a consortium of five major international banks for its under-construction 750 MW solar projects in Rajasthan and Gujarat. The financing will support the development of 750 MW of solar generation capacity in these states, with projects expected to be operational from November 2024, according to AGEL, India’s largest renewable energy (RE) company.
One project is a 500 MW solar installation in Rajasthan, which is supported by a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The second project, a 250 MW standalone merchant power project, is being developed 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. Their involvement marks a significant step forward in AGEL’s ambitious growth plans, providing a construction facility and funding solutions that align with AGEL's procurement strategy.
AGEL has a substantial operational portfolio of 10,934 MW, which is the largest in India, providing reliable, affordable, and clean power to the national grid. The company’s portfolio comprises 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid capacity, contributing to India's renewable energy landscape.