In an exchange filing, the company said, “AGEL has sealed its largest project financing of $1.36 billion senior debt facility as part of its construction financing framework to enhance the funding pool to $3 billion since initial project financing in March 2021.

The green loan facility will play a pivotal role in enabling the development of the world’s largest renewable energy park at Khavda in Gujarat.

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

The world’s largest RE park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey, it added.

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

The definitive agreements have been executed with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL’s construction financing framework since March 2021. The green loan facility has been extended by consortium of lenders which include– BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank, Intesa Sanpaolo S.p.A., MUFG Bank,, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

Further, the company said that the funding was an important element to its overall capital management plan.

Vneet S Jaain, MD, Adani Green Energy, said, “The extension of construction financing framework to $3 billion 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.”

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including 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.

The company’s consolidated net profit soared 149.66% to Rs 372 crore in Q2 FY24 as compared with Rs 149 crore in Q2 FY23. Total income climbed 53.74% to Rs 2,589 crore in Q2 FY24 as compared with Rs 1,684 crore posted in corresponding quarter last year.