Correct Answer : Adani Green Energy Ltd
Adani Green Energy Ltd (AGEL) has successfully secured USD 400 million financing from a consortium of five leading international banks for its 750 MW solar projects in Rajasthan and Gujarat. The financing will support the construction of these projects, expected to come online from November 2024 onwards.
Project Details
* Rajasthan Project : A 500 MW capacity project with a long-term
power purchase agreement (PPA) with the
Solar Energy Corporation of India (SECI).
* Gujarat Project : A standalone merchant power project with
250 MW capacity, located at the world’s largest renewable energy cluster in
Khavda, Gujarat. AGEL aims to diversify revenue streams by tapping into the evolving merchant energy market.
Banks’ Confidence and Financing Structure
* The consortium of lenders includes
Cooperative Rabobank U.A., DBS Bank Ltd., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation, reflecting growing confidence in financing merchant projects.
* The financing package includes a
USD 400 million construction facility and a syndicated guarantee-backed assurance program, aligning with AGEL’s procurement strategy and capital management plan.