Adani Green Energy Limited (AGEL) has raised a $288m loan for the construction of renewable energy projects.

With the raising of this amount, it has extended construction financing framework to $1.64bn through definitive deals signed with a group of banks.

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AGEL will use the $288m certified green hybrid project loan initially to fund the development 450MW hybrid portfolio of solar and wind power projects in the Indian state of Rajasthan.

The company had closed a $1.35bn construction revolver facility in March 2021.

The definitive agreement was signed with seven international lenders – BNP Paribas, Coeratieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

With the extension of the liquidity pool, AGEL has bolstered its plan to accelerate the development of its under-construction asset portfolio.

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AGEL MD and CEO Vneet S Jaain was quoted by LiveMint as saying: “The construction facility is the key ingredient of AGEL’s capital management plan, enabling us to deliver on our focus on decarbonizing power generation.”

Jaain further added: “We are committed to sustainable growth and to catalyzing energy transition. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, representing 10% of the government of India’s 450GW countrywide renewable energy target. Our development agenda is in sync with overall capital stewardship maintained through our capital management philosophy focused on sustainable growth.”

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Image: The loan will be used initially to fund the development 450MW hybrid portfolio of solar and wind power projects in Rajasthan. Credit: andreas160578 from Pixabay.