AsiaNet  88571

AHMEDABAD, India, March 18, 2021 /PRNewswire=KYODO JBN/ --

     Adani Green Energy Limited (AGEL) raised a USD 1.35 billion debt package

for its under-construction renewable asset portfolio through definitive

agreements signed with a group of leading international lenders. The revolving

project finance facility would initially finance the 1.69 GW hybrid portfolio

of solar and wind renewable projects to be setup in four SPVs in the state of

Rajasthan, India.

    According to the agreement, 12 international banks - Standard Chartered

Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation,

Coöperatieve Rabobank U.A., DBS Bank Ltd., Mizuho Bank, Ltd., BNP Paribas,

Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V

committed for the facility which will be the first certified green hybrid

project loan in India. The new pool of liquidity strengthens AGEL's strategy to

fully fund its under-construction asset and augurs well for its vision of

scaling capacity to 25 GW by 2025.

    The facility is an important element of AGEL's overall capital management

plan and is key to fully funding its growth aspirations. The definitive

agreement sets out a financing framework of agreed principles and procedures

under which AGEL shall engage with the financiers to raise financing

efficiently and expeditiously for all the future projects as per the agreed

threshold parameters.

    The facility underlines the overall development philosophy of Adani

portfolio companies implemented through in-house developed project excellence

framework committed to follow equator principles and the highest standard of

due diligence covering all international standard Environment, Social and

Governance (ESG) aspects.

    Speaking on this development, Mr. Vneet Jaain, MD & CEO, AGEL, said, "We

see this as yet another validation of our execution ability in the renewable

space. We are committed to producing the least expensive green electron and the

pace and scale we have embarked on puts us well ahead on this path. We believe

that establishing depth and diversity in our funding resources is critical for

AGEL's vision to become the largest renewable player in the world. The banks

that have committed to this strategic transaction are our key partners in

ensuring seamless access to global capital for our underlying renewable asset

portfolio. The facility will also ensure capital recycling needs of the banks

and make the same capital available for future projects of AGEL. This revolving

nature of the facility will help AGEL to achieve its goal of a 25GW portfolio

by 2025. In addition, it positions AGEL well to capture growth in the

attractive Indian renewable sector."

    Each of the lending partners signing up for this facility played a

distinguished role. Standard Chartered Bank, for instance, acted as lead

underwriter, Mandated Lead Arranger, Bookrunner (MLAB), environmental due

diligence adviser, co-documentation bank and co-green loan coordinator for the

facility. Likewise, MUFG Bank played the role of MLAB, technical bank, and

co-green loan coordinator. Further, BNP Paribas acted as MLAB, co-documentation

DBS Bank Ltd acted as MLAB, accounts bank and Mizuho was the MLAB, financial

modelling bank. Intesa Sanpaolo S.p.A, Sumitomo Mitsui Banking Corporation,

Coöperatieve Rabobank U.A, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank

GmbH and ING Bank N.V. acted as MLABs for the Facility.

    Among other partners, while Latham & Watkins LLP and Luthra & Luthra were

the borrower's counsel, the lenders' counsel were Linklaters and Cyril

Amarchand Mangaldas. Tractebel Engineering Private Limited acted as the

lender's technical advisor, UL acted as the lenders energy yield assessment

consultant, ERM acted as the lenders environmental & social consultant, Arcadis

acted as the lenders environmental and social due diligence consultant,

Deloitte acted as the financial model audit consultant, Marsh acted as the

lenders' insurance agent and KPMG acted as independent assurance provider for

the Green Loan.

    About Adani Green Energy Limited

    Adani Green Energy Limited ("AGEL"), a part of India-based Adani Group, has

one of the largest global renewable portfolios with over 14,815 MW of

operating, under-construction and awarded projects catering to investment-grade

counterparties. The company develops, builds, owns, operates and maintains

utility-scale grid-connected solar and wind farm projects. Key customers of

AGEL include the National Thermal Power Corporation ("NTPC") and Solar Energy

Corporation of India ("SECI") and various state discoms. Listed in 2018, AGEL

today is a USD 25.03 billion market cap company helping India meet its COP21

goals. This financial year, Mercom Capital, the US-based think tank ranked the

Adani Group as the #1 global solar power generation asset owner. For more

details: www.adanigreenenergy.com

    For media queries:

    Roy Paul

    roy.paul@adani.com

    Logo: https://mma.prnewswire.com/media/1459130/Adani_Renewables_Logo.jpg

    Source: Adani Green Energy Ltd