Adani Green Energy announces $400 million financing for its 750 MW solar projects in Rajasthan and Gujarat

Adani Green Energy (AGEL), on Thursday, announced $400 million in financing for its under-construction 750 megawatts (MW) solar projects in Rajasthan and Gujarat by a consortium of five leading international banks. Shares of the company were trading 0.62% higher on Friday.

The consortium of lenders includes Cooperative Rabobank UA, DBS Bank, Intesa Sanpaolo S.p.A., MUFG Bank, and Sumitomo Mitsui Banking Corporation. AGEL said it will provide financing for projects that are expected to come online from November 2024 onwards.

The firm pointed out that one of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). Meanwhile, the second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest renewable energy (RE) cluster at Khavda in Gujarat.

Latham & Watkins and Saraf & Partners were the borrower’s counsel while the lenders’ counsel were Linklaters and Cyril Amarchand Mangaldas.

AGEL is a renewable energy company that owns and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. The firm has 10,934 MW of operational portfolio which consists of 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid capacity.

During fiscal year 2024, the firm’s operational capacity increased by 35% on a year-on-year (YoY) basis to 10,934 MW with the greenfield addition of 2,418 MW solar and 430 MW wind power plants.

This includes the operationalisation of 2,000 MW as part of the ongoing development of the world’s largest 30,000 MW RE project in Khavda, Gujarat, the company said in an exchange filing. AGEL said its sales of energy rose by 47% y-o-y at 2,180.6 crore units in FY24.

Shares of the company have gained over 12% since the beginning of the year. The stock has risen nearly 91% in the last one year.