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