Adani Green Energy raises USD 1.35 billion in one of Asia's largest project financing deals
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
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