Adani Green Energy (AGEL) has extended its construction financing framework to USD 1.64 billion by raising a USD 288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders.
The facility will initially finance 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan.
In March 2021, AGEL had closed a USD 1.35 billion construction revolver facility in one of Asia’s largest project financing deals.
According to the definitive agreements, seven international banks – BNP Paribas, Cooperative Rabobank UA, Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation – committed for the facility which is a certified green hybrid project loan.
The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio in sync with accelerating the energy transition.
Standard Chartered Bank acted as Mandated Lead Arranger, Bookrunner (MLAB), Documentation Bank and E&S Co-Ordinator Bank. MUFG Bank, and Sumitomo Mitsui Banking Corporation acted as MLABs, jointly acted as Co-Technical Advisors and Co-Green Loan Advisors.
Further, BNP Paribas, Cooperative Rabobank UA, Intesa Sanpaolo S.p.A. and Societe Generale each acted as MLABs for the facility.
Among other partners, Latham & Watkins LLP and Saraf & Partners were the borrower’s counsel. The lenders’ counsel were Linklaters and Cyril Amarchand Mangaldas.