Driving Naari Programme launched in Chandigarh
Adani Green Energy Ltd. (AGEL) surged over 6% on Tuesday after the company raised $1.36 billion from a consortium of eight international banks to boost its construction financing pool to $3 billion.
This will be one of the largest project financing deals in Asia, Adani Green said in a filing to the stock exchanges.
The green loan facility will help in developing the world’s largestrenewable energy park at Khavda in Gujarat.
Adani Green’s largest renewable energy park at Khavda will boost the company’s target of 45 GW operating renewable capacity by 2030 and will also play a key role in India’s net zero journey.
It has signed definitive agreements with eight international banks, which are all returning lenders and instrumental in setting up its construction financing framework since March 2021.
Among the consortium of lenders who have extended the loan facility includes names such as BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generally, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
“The latest funding marks the third round of participationfrom lenders for Adani Green Energy Ltd and provides the successful template for the fundraise in sync with our capital management plan, ” Anupam Misra, Head – Group Corporate Finance (Adani Portfolio), said.
The deal comes at a time when global economies converge at the 28th United Nations Climate Change Conference (COP28) to pledge their approaches towards energy transition and emissions-reduction goals, the Adani Group company said.
Shares of Adani Green Energy are trading 13.6% higher at ₹1,276.76. The stock has rallied over 20% in the last two sessions. Despite this, the stock is still down over 30% so far in 2023
