Indian renewable energy firm Adani Green Energy Ltd (BOM:541450) has announced securing a USD 400 million construction facility from international banks to bolster its solar initiatives in Rajasthan and Gujarat, according to a press release on Thursday.
The company disclosed that the loan, designated as green, will facilitate a 500-megawatt (MW) project in Rajasthan, supported by a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). Additionally, a 250-MW merchant solar project situated at Adani Green's Khavda renewable energy cluster in Gujarat will receive backing from the financing.
Adani Green emphasized its strategic move into the evolving merchant power market, aiming to diversify revenue streams and enhance project revenues.
Both projects are presently undergoing construction and are slated to commence operations from November 2024 onwards.
The banking syndicate involved in the financing comprises Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SpA, MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation.
Adani Green currently boasts an operational portfolio featuring 10,934 MW of solar, wind, and wind-solar hybrid capacity, recently achieving the milestone of becoming the first Indian company to surpass 10 GW in operation.
