Adani Green Energy (AGEL) has secured $400 million for financing its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks. It will provide financing for projects that are expected to come online from November 2024 onwards.
One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster at Khavda in Gujarat. With confidence in the evolving merchant energy market, AGEL is diversifying revenue streams, along with traditional PPAs, to enhance project revenue and position itself favorable for sustained value creation. Following AGEL’s lead, banks are becoming more comfortable with financing merchant projects with the transaction marking a sentiment shift in the international banking market.
The $400 million construction facility along with the funding solutions also provides the syndicated guarantee-backed assurance program in sync with AGEL’s procurement strategy. The transaction paves the way for a sustainable debt structure, developed as part of AGEL’s capital management plan, for financing merchant exposure. It marks a milestone for the Indian RE sector as it steers the industry’s transition to the next phase of market integration, with the commitment to deliver the low-cost green electrons through promotion of merchant market projects with right financing structure demonstrating overall trust and competitiveness for the Indian renewable energy sector to drive clean energy transition and decarbonisation.
Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.
| Company Name | CMP |
|---|---|
| NTPC | 365.70 |
| Tata Power | 413.55 |
| Power Grid Corp | 337.00 |
| Adani Power | 460.75 |
| Torrent Power | 1517.70 |
| View more.. | |
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