Adani Green Energy Secures $1.06 Billion for Major Solar-Wind Project in Rajasthan
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Synopsis
Adani Green Energy Ltd (AGEL) has refinanced $1.06 billion to develop a significant solar-wind hybrid renewable cluster in Rajasthan. This marks an important milestone in the company's capital management efforts, aligning with India's renewable energy goals.
Key Takeaways
- AGEL refinances $1.06 billion for a solar-wind hybrid project.
- The project aims to enhance India’s renewable energy capacity.
- AGEL's operational portfolio now stands at 12.2 GW.
- The financing has a 19-year tenor and is fully amortized.
- AGEL targets 50 GW capacity by 2030.
Ahmedabad, March 3 (NationPress) Adani Green Energy Ltd (AGEL) announced on Monday that it has successfully refined $1.06 billion to establish India’s largest solar-wind hybrid renewable cluster in Rajasthan, marking yet another achievement in its capital management strategy.
As the largest renewable energy company in India, AGEL has successfully refinanced its initial construction facility that had an outstanding balance of $1.06 billion from 2021.
This long-term financing, aimed at refinancing its construction facility, features a 19-year tenor and a fully amortized debt structure that mirrors the asset's lifespan, as stated by the company.
Thanks to its solid operational performance history, the construction facility has received an AA+/stable rating from three domestic rating agencies.
This advancement signifies AGEL's successful completion of its capital management program for the asset portfolio, focused on securing long-term facilities that align perfectly with the cash flow lifecycle of the portfolio.
The structure of this program offers substantial advantages by providing deep access to various capital pools, securing significant amounts with prolonged durations.
“This strategy not only improves financial stability but also ensures AGEL’s capability to maintain its growth path and deliver sustainable value to its stakeholders,” the company stated.
Currently, AGEL boasts an operational renewable portfolio of 12.2 GW, the largest in the nation, distributed across 12 states. The company aims to reach 50 GW by 2030, in line with India’s decarbonization objectives.
Just last week, AGEL exceeded a remarkable 12,000 megawatts (MW) operational portfolio by commissioning an additional 275 MW solar capacity at the world’s largest renewable energy plant located in Khavda, Gujarat.
AGEL is the first renewable energy firm in India to achieve this milestone. The 12,258.1 MW portfolio encompasses 8,347.5 MW solar, 1,651 MW wind, and 2,259.6 MW wind-solar hybrid capacity.
So far, it has operationalized a total capacity of 2,824.1 MW renewable energy in Khavda, Gujarat.
