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Adani Green Energy Secures Additional USD 1.3 Bn. Funding for Khavda RE Park

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Adani Green Energy Ltd. (AGEL) has secured a follow-on funding of USD 1.3 billion for developing Khavda Renewable Energy (RE) project in Kutchh, Gujarat.

This information was conveyed by AGEL in a press release dated 5th December 2023.

Adani’s Funds for Khavda RE Park Grow to USD 3 Bn.

With this recently acquired funding, Adani Green Energy Ltd. has raised USD 3 billion since March 2021 from a consortium of 8 international banks.

These banks include Coöperatieve Rabobank U.A., BNP Paribas, Intesa Sanpaolo S.p.A., MUFG Bank, DBS Bank, Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank.

AGEL’s counsel for this transaction was Latham & Watkins LLP and Saraf & Partners, while those of the lenders were Linklaters and Cyril Amarchand Mangaldas.

Third Round of Funding Complete – Adani Finance Head

Speaking about this development, Mr Anupam Misra, Head – Group Corporate Finance (Adani Portfolio), said, “…we have raised sustainable financing solutions for Adani Green, Adani Energy Solution to support the delivery of critical infrastructure projects. The latest funding marks the third round of participation from lenders for Adani Green Energy Ltd and provides the successful template for the fundraise in sync with our capital management plan.”

Adani to Initially Develop 2 GW Generation Capacity, Khavda RE Park to be Largest in the World

Solar Park

The aforementioned funding comes as an extension of AGEL’s Construction Financial Framework for developing the initial hybrid power generation capacity of 2,167 MW at Khavda.

Commenting on AGEL securing the aforementioned funds, Mr. Vneet S Jaain, MD, Adani Green Energy Ltd.,said, “The extension of Construction Financing Framework to USD 3 bn is a historic landmark and will boost the development of Khavda site which is poised to become the world’s largest Renewable Energy Park with the generation capacity of 17 GW. It will be a catalyst in the accelerated completion of the development activities at the project site”.

In a tweet dated 7th December 2023, Mr. Gautam Adani, Chairman of the Adani Group mentioned that the upcoming Khavda RE park will sprawl over an area of about 726 sq.Km.

Khavda RE Park In Line with Adani’s Long-Term Target of 45 GW RE Generation by 2030

Adani’s hybrid energy park in Gujarat’s Khavda salt desert is a major step towards the company’s long-term target of having 45 GW RE generation capacity by 2030. This target had been mentioned by Mr. Gautam Adani during the Group’s 31st Annual General Meeting held on 18th July 2023.

As of November 2023, the company’s installed RE generation capacity was about 8.4 GW, while 10.1 GW RE capacity is under development through various projects. Out of AGEL’s operational RE generation capacity, over 5.06 GW comes from solar, 2.14 GW comes from hybrid power projects, and 1.2 GW comes from wind projects.