Adani Green Energy Secures $400 Million Financing for Major Solar Ventures in India

AGEL Expands Renewable Footprint with Multi-Million Dollar Boost from Global Banks.

In a significant stride towards bolstering India's renewable energy landscape, Adani Green Energy Ltd (AGEL) has clinched a staggering $400 million financing deal from a prestigious consortium of international banks. This substantial financial injection is earmarked for AGEL's ambitious solar projects, totaling a capacity of 750 MW across the sun-soaked regions of Gujarat and Rajasthan.

Expected to commence operations from November 2024 onwards, these ventures hold promise to significantly augment India's renewable energy capacity, marking yet another milestone in the nation's journey towards sustainable development.

Among the notable projects under AGEL's expansive umbrella, one shines brightly in the deserts of Rajasthan, boasting a formidable 500 MW capacity. This venture has already inked a long-term power purchase agreement (PPA) with the esteemed Solar Energy Corporation of India (SECI), cementing its role in the nation's renewable energy trajectory.

The consortium of lenders behind this landmark financing endeavor reads like a who's who of global banking prowess, including Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation. Their collective support underscores the international community's recognition of India's burgeoning renewable energy sector and its pivotal role in combating climate change.

AGEL's ascendancy in the renewable energy sphere is undeniably impressive, boasting an operational portfolio that stands tall at 10,934 MW, making it the largest in India. With a steadfast commitment to delivering reliable, affordable, and clean power to the national grid, AGEL's operational repertoire includes 7,393 MW of solar capacity, complemented by 1,401 MW of wind power and 2,140 MW of wind-solar hybrid capacity.