NEW DELHI: A dozen global banks are to bankroll the Gautam Adani-founded Adani Green Energy’s underconstruction renewable power projects with over $1.3 billion revolving credit line, the company said on Thursday.
The finance facility would initially fund a 1.69GW (gigawatt) hybrid portfolio of solar and wind power projects through four SPVs (special purpose vehicles) in Rajasthan.
The company claimed this as the first ‘certified green hybrid’ project loan in India. The liquidity will boost the company’s efforts to raise its capacity to 25 GW from a little over 3 GW at present over the next four years.
But the company still faces the challenge of finding buyers for an 8GW manufacturing-linked renewable project it won last year with tariffs higher than current market trends.
The project is to be set up in four phases of 2GW each. The dozen lenders include Standard Chartered, Sumitomo Mitsui Banking Corp and Barclays.