Adani Green raises $288-mn for its under-construction RE portfolio

12 Apr 2022 CW Team

Adani Green Energy Limited (AGEL) told the media that it has raised a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders, bringing its total construction financing framework to $1.64 billion.

The facility will initially finance AGEL's 450 megawatts (MW) hybrid portfolio of solar and wind renewable projects in Rajasthan, according to an official press release.

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

Seven international banks — BNP Paribas, Coéperatieve Rabobank, Intesa Sanpaolo, MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation — committed for the facility, which is a certified green hybrid project loan, according to the press release.

The company's strategy to accelerate the development of its under-construction asset portfolio in tandem with the energy transition will be strengthened by the expanded pool of liquidity, according to the statement.

Standard Chartered Bank served as Mandated Lead Arranger, Bookrunner (MLAB), Documentation Bank, and E and S Co-Ordinator bank, according to the company. MLABs MUFG Bank and Sumitomo Mitsui Banking Corporation acted as Co-Technical Advisors and Co-Green Loan Advisors, respectively. Furthermore, the Facility's MLABs were BNP Paribas, Codperatieve Rabobank, Intesa Sanpaolo, and Societe Generale.

The borrower's counsel included Latham & Watkins LLP and Saraf & Partners, among others. Linklaters and Cyril Amarchand Mangaldas represented the lenders.

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