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Adani Green Energy Secures $400 Million for Solar Projects in Gujarat and Rajasthan

MUFG Bank, Ltd., Intesa Sanpaolo S.p.A., DBS Bank Ltd., Cooperative Rabobank U.A., and Sumitomo Mitsui Banking Corporation are among the lenders in the consortium.

KJ Staff
Adani Green Energy Secures $400 Million for Solar Projects in Gujarat and Rajasthan (Photo Source: Pixabay)
Adani Green Energy Secures $400 Million for Solar Projects in Gujarat and Rajasthan (Photo Source: Pixabay)

Adani Green Energy Ltd (AGEL) has announced securing USD 400 million in financing from a consortium of five international banks for its ongoing solar projects in Gujarat and Rajasthan. The financing will support AGEL's ambitious plans to develop solar projects totaling 750 MW capacity across Gujarat and Rajasthan.

Among these projects, one located in Rajasthan with a capacity of 500 MW and has already secured a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The second project, with a capacity of 250 MW, is a standalone merchant power project situated in Khavda, Gujarat, within the world's largest renewable energy cluster.

The consortium of lenders facilitating this financing includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation. 

This collaboration underscores the confidence of international financial institutions in AGEL's projects and its potential to contribute significantly to India's renewable energy goals.

AGEL already has an operational portfolio of 10,934 MW, making it the largest renewable energy provider in India. This portfolio includes 7,393 MW of solar capacity, 1,401 MW of wind capacity, and 2,140 MW of wind-solar hybrid capacity.

With this latest financing, AGEL is poised to further cement its position as a key player in India's transition to sustainable and clean energy sources.

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