Adani Green signs definitive agreement to raise USD 288 million in construction facility

Adani Green signs definitive agreement to raise USD 288 million in construction facility

by 5paisa Research Team Last Updated: 2022-03-21T12:00:13+05:30

With this, the company’s Construction Financing Framework has now been extended to USD 1.64 billion.

Adani Green Energy Ltd (AGEL), an Indian renewable energy company owned by the Adani Group has raised a USD 288 million facility for its under-construction renewable asset portfolio by signing definitive agreements with a group of leading international lenders.

This group of lenders comprises 7 international banks - BNP Paribas, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank Ltd, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

As per the press release, the facility is a certified green hybrid project loan. It shall initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that the company is setting up in Rajasthan, India. Further, the facility has been certified by ISS ESG, a Second Party Opinion provider.

The management of the company stated that this facility forms an important element of the company’s capital management plan.

This development is aligned with the company’s aim of achieving 45 GW renewable energy capacity by 2030, which is 10% of the Govt of India’s 450 GW countrywide renewable energy target.

Around the same time last year, the company had sealed a USD 1.35 billion construction revolver facility, which was one of Asia’s largest project financing deals.

In the recent quarter Q3FY22, the company's net revenue went up by 92.39% YoY to Rs 1391 crore. Similarly, the net profits shot up by 66.48% YoY to Rs 48 crore.

At 11.54 am, the shares of Adani Green Energy Ltd were trading at Rs 1879.35, a decrease of 1.39% from the previous week’s closing price of Rs 1905.75 on BSE. The stock has a 52-week high and low of Rs 2128.90 and Rs 860.20, respectively.

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