Adani Green Energy secures $400 million for its solar energy projects in Rajasthan and Gujarat
On Wednesday, Adani Green Energy's stocks ended at Rs 1,755 each, leading to a market capitalization of Rs 2.78 trillion.
AGEL, the biggest renewable energy company in India, announced on Wednesday that it has secured $400 million in funding from a group of foreign lenders for its 750 Mw solar projects in Rajasthan and Gujarat that are currently being built.
The Rajasthan project, generating 500 Mw, has a PPA with Solar Energy Corporation of India, while the 250 Mw Gujarat project is a merchant power project at Khavda, Gujarat's renewable energy cluster.
The debt facility was provided by Cooperative Rabobank U.A., DBS Bank, Intesa Sanpaolo S.p.A., MUFG Bank, and Sumitomo Mitsui Banking Corporation.
AGEL's stock finished at Rs 1,755 each on Wednesday, reflecting a market cap of Rs 2.78 trillion. The company has revealed a bold strategy to invest Rs 1.3 trillion in 2024-25 for expanding capacity in its portfolio companies and aims to raise Rs 25,000 crore in equity this fiscal year to finance the projects.
AGEL intends to allocate Rs 34,000 crore specifically for the expansion of its facilities at the Khavda site in Gujarat among its portfolio companies.
In addition to funding solutions, the $400 million construction facility offers a syndicated guarantee-backed assurance program that aligns with AGEL's procurement strategy. The company stated that the deal sets the stage for a stable debt framework created as a component of AGEL's capital management strategy to fund merchant exposure.
The green loan, provided by AGEL's branches, aids the company's expansion path and matches its dedication to sustainability.
AGEL currently has a total of 10,934 Mw in its portfolio, with 7,393 Mw in solar energy, 1,401 Mw in wind energy, and 2,140 Mw in wind-solar hybrid capacity.
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