Backed by a consortium of international banks, Adani Green Energy (AGE), one of India’s largest renewable energy players, has received follow-on funding of US$1.36 billion, further boosting its construction financing framework to US$3 billion.

AGE has definitive agreements with eight international banks, which are all returning lenders and have been instrumental in establishing its construction financing framework since March 2021. The funding round, the company says, is one of the largest project finance deals in Asia this year.

The latest green loan facility has been extended by a consortium of lenders, which includes BNP Paribas, Coöperatieve Rabobank, DBS Bank, Intesa Sanpaolo, MUFG Bank, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

Acting as co-green structuring banks were DBS Bank, MUFG Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, while Coöperatieve Rabobank acted as documentation and structuring bank and MUFG as guarantee structuring bank.

The facility is also certified by second-party opinion provider Sustainalytics based on AGE’s sustainable strategy of alignment with core components of green loan principles and the sustainability quality of the asset pool, which provides significant contributions to Sustainable Development Goal 7, affordable and clean energy.

The financing deal will be a key enabler to develop the renewable energy park at Khavda in Gujarat. The park at Khavda will enable AGE’s vision of 45 gigawatts of operating renewable capacity by 2030 and will also play a critical role in helping India reach its decarbonization targets.

Adani Singh, the company’s CEO, says: “The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision.”