Adani Green Energy Limited has raised green loan worth $400 million for its 750 MW solar projects currently under construction. The projects, located in Rajasthan and Gujarat, has secured loans from a consortium of five international banks. These projects are expected to be commissioned by November 2024.
A long-term power purchase agreement has been signed between the Solar Energy Corporation of India and the 500 MW project under development in Rajasthan. The second project is a 250 MW standalone merchant power plant that is being executed at Gujarat’s Khavda renewable energy cluster. The construction facility, supported by global financial institutions like Cooperative Rabobank, DBS Bank, Intesa Sanpaolo, MUFG Bank, and Sumitomo Mitsui Banking Corporation, provides a syndicated guarantee-backed assurance program.
The green loan represents a significant step for the Indian renewable energy sector, guiding the industry’s shift toward the next phase of market integration. This commitment aims to provide affordable green energy by encouraging merchant market projects with a suitable financing structure.
Recently, in May 2024, AdaniConnex, a data center solutions provider created as a joint venture between Adani Enterprises and EdgeConnex, secured sustainability-linked financing worth $1.44 billion to finance its renewable-powered data centers and drive digital infrastructure growth in India.
