Adani Green Energy Secures USD 400 Million from Five International Banks for 750 MW Solar Projects

Adani Green Energy Ltd, India's largest renewable energy company, has secured USD 400 million in financing from a consortium of five international banks for its under-construction 750 MW solar projects in Rajasthan and Gujarat. The funds will be used to finance projects expected to come online from November 2024. One project, with a capacity of 500 MW, has a long-term PPA with the Solar Energy Corporation of India, while the second, a 250 MW merchant power project, is being implemented at the world's largest RE cluster in Gujarat. This move marks a sentiment shift in international banking, as banks become more comfortable financing merchant projects due to Adani's confidence in the merchant energy market.