Adani Greens has signed $1.35 Billion Loan Deal with Dozen Banks
According to a statement, Adani Green is planning to inflate its capacity to 25 gigawatts by 2025, a more than seven-fold extension of its current fleet of about 3.3 gigawatts.
To fund the Indian company’s under-construction projects, Gautam Adani’s renewable power venture has signed a $1.35 billion agreement with 12 global banks. Lenders include Barclays Plc, Sumitomo Mitsui Banking Corp and Standard Chartered Plc, and, Adani Green Energy Ltd. as per the stock exchange filing on Thursday. The open-end credit facility would initially finance 1.69 gigawatts of solar – and wind - hybrid projects to be built in Rajasthan. As per the company’s website, the company has a total of 10.9 gigawatts of capacity under construction.
According to a statement, Adani Green is planning to inflate its capacity to 25 gigawatts by 2025, a more than seven-fold extension of its current fleet of about 3.3 gigawatts. The credit line will be key to finance those growth plans.
India’s plans to proliferate its renewable power capacity almost five times over the next decade have illuminate growth prospects for the company. This outlook help it sign a $2.5 billion investment deal in January with French oil major Total SE. Adani Green’s stock has increased more than eight times over the past year.