- The loan is to develop the world’s largest renewable energy park in Khavda.
- The renewable energy park seeks to play a critical role in India’s pursuit of net zero emissions.
India’s Adani Green Energy Ltd (AGEL), a global leader in renewable energy, has secured a significant green loan of USD 1.36 billion. This is for developing the world’s largest renewable energy park in Khavda, Gujarat. The loan, supported by a consortium of prestigious international banks, targets the initial phase of the park’s development, a significant step forward in renewable energy infrastructure. It also seeks to play a critical role in India’s pursuit of net zero emissions.
This funding marks a significant milestone for AGEL, raising its Construction Financing Framework to USD 3 billion. The green loan facility has garnered support from a cadre of international banks, including BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. These institutions have been integral to AGEL’s Construction Financing Framework since its inception in March 2021.
Furthermore, Vneet S Jaain, Managing director of AGEL, expressed gratitude for extending the Construction Financing Framework to USD 3 billion, emphasising its historical significance and role in expediting development activities at the Khavda project site. He said that this financing is a testament to AGEL’s expertise, strategic vision, and unwavering dedication to mitigating climate change risks, setting a strong foundation for the company’s continued growth and impact in the renewable energy sector.