Dealflow | March 22, 2021

Adani Green Energy secures $1.4 billion loan for renewable portfolio in India

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, March 22 — Adani Green Energy Limited, the renewable asset management arm of India’s Adani Group, has scored a $1.4 billion loan from 12 major international banks.

The deal is one of the largest renewable project finance deals to date in India, and comes as the world’s third largest emitter eyes a net-zero by 2050 goal.

AGEL aims to build out a 25-gigawatt portfolio of wind, solar and hybrid power projects by 2025. The $1.4 billion revolving credit facility will support this mandate, starting with a gigawatt hybrid portfolio of wind and solar renewable projects in Rajasthan.

AGEL’s ambition, says the company’s Vneet Jaain, is to “produce the least expensive green electron” and “become the largest renewable player in the world.” 

The facility is among the first certified green hybrid project loan in India’s renewable energy market. Backers include BNP Paribas, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, Barclays, Deutsche Bank, ING Bank, Siemens Bank and others.