Adani Green Energy announced on December 5 that it has completed $1.36 billion in continuation financing from a senior lender, marking its largest project financing to date as part of its flagship construction fund. This will strengthen the funding pool to $3 billion since the project's first funding in March 2021. A group of international banks supports Adani Green's infrastructure financing framework.
The green financing facility will play an important role in accelerating the progress of AGELand's upcoming landmark project, the world's largest renewable energy park located in Kavda, Gujarat, the company said in a story.
Shares of Adani Green rose 5.8 percent to Rs 1,188.50 apiece in early trade on the BSE Sensex.
"The extension of Construction Financing Framework to USD 3B is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17 GW," said Vineet S Jain, MD, Adani Green Energy.
"It will be a catalyst in the accelerated completion of the development activities at the project site. We thank the consortium for reposing faith in our project execution capabilities and strategic growth vision aligned with India’s decarbonization goals. We will continue the growth momentum to deliver the projects and support India’s clean energy transition," he added.
"The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site," the company said. "The world’s largest RE park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey."
