Adani Green Energy (AGEL) on Tuesday announced it has secured a funding of $1.36 billion from a consortium of international banks as part of its construction financing framework.

The $1.36-billion senior debt facility will enhance the company's funding pool to $3 billion since initial project financing in March 2021, AGEL said in a statement.

According to the statement, AGEL, India's largest and world's leading renewable energy player, announced a follow-on funding of $1.36 billion to further boost its construction financing framework to $3 billion backed by a consortium of renowned international banks.

The green loan facility will play a pivotal role in enabling the development of AGEL's next milestone, the world's largest renewable energy park at Khavda in Gujarat, it stated.

The funding also marks a significant achievement to develop 2,167 MW project at Khavda in the initial stage and shall be the stepping stone for the future development of the Khavda renewable site, it stated.

The world's largest renewable energy park at Khavda will not only enable AGEL's vision to achieve 45 GW operating renewable capacity by 2030 but will also play a critical role in India's journey towards net zero carbon emission, it stated.

The definitive agreements have been executed with 8 leading international banks that are instrumental in establishing AGEL's Construction Financing Framework since March 2021.

Lenders in the consortium include BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

Vneet S Jaain, MD, AGEL, said in the statement: "The extension of Construction Financing Framework to $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."

Amit Singh, CEO, Adani Green Energy Ltd, said, "We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks." DBS Bank Ltd, MUFG Bank, Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation acted as Co-Green structuring banks whereas Coöperatieve Rabobank U.A. acted as Documentation and Structuring Bank and MUFG Bank, Ltd. acted as Guarantee structuring bank.

Latham & Watkins LLP and Saraf & Partners were the borrower's counsel. The lenders' counsel were Linklaters and Cyril Amarchand Mangaldas.

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