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.

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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.