Adani Green Energy Ltd (AGEL) on Thursday, acquired USD 40 crore from a consortium of five international banks for its under-construction solar projects of 750 MW in Gujarat and Rajasthan. These projects are expected to be operational from November 2024 onwards, said the company in its statement.
One of the projects in Rajasthan, with a capacity of 500 MW is under development. This project has secured a long-term power purchase agreement with the Solar Energy Corporation of India (SECI). Another project, boasting a capacity of 250 MW, is a standalone merchant power project. This project is being set up at the world’s largest Renewable Energy (RE) cluster in Khavda, Gujarat.
The funding for these projects is being provided by a consortium of lenders. This consortium includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.
AGEL holds the largest operational portfolio in India, with a capacity of 10,934 MW. This portfolio, which contributes reliable, affordable, and clean power to the national grid, comprises 7,393 MW of solar, 1,401 MW of wind, and 2,140 MW of wind-solar hybrid capacity.