Adani Green Energy Secures $400M Funding for New Solar Projects

New Delhi, May 3 (KNN) Adani Green Energy Ltd (AGEL) has secured USD 400 million in financing from a consortium of five international banks to support the construction of 750 MW of new solar projects in Gujarat and Rajasthan.

The financing deal was struck with Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.

One of the new projects is a 500 MW solar plant in Rajasthan that has a long-term power purchase agreement with Solar Energy Corporation of India (SECI).

The other is a 250 MW merchant solar project at the world's largest renewable energy cluster in Khavda, Gujarat.

The new solar plants are expected to come online starting in November 2024. Once operational, they will contribute to AGEL's massive 10,934 MW renewable energy portfolio - the largest in India.

AGEL's current operational capacity includes 7,393 MW of solar, 1,401 MW of wind, and 2,140 MW of wind-solar hybrid projects delivering clean power to the national grid.

(KNN Bureau)