Adani Green Energy Ltd. has secured $400 million in financing for its under-construction 750 megawatt solar projects in Rajasthan and Gujarat from a group of five leading international banks.
The banks will finance the projects that are expected to start their operations from November onwards, according to an exchange filing on Thursday.
The first project of 500 MW capacity is being developed in Rajasthan, which also has a long-term power purchase agreement with Solar Energy Corp. of India Ltd.
The second project—a standalone merchant power project—with 250 MW capacity is being executed at Khavda in Gujarat, it said.
The consortium of lenders includes Cooperative Rabobank UA, DBS Bank Ltd., Intesa Sanpaolo SpA., MUFG Bank Ltd., and Sumitomo Mitsui Banking Corp.
Adani Green Energy has 10,934-megawatt operational portfolio—the largest in India—delivering reliable, affordable and clean power to the national grid.
Shares of Adani Green Energy closed 0.58% lower at Rs 1,787.20 apiece, as compared with a 0.17% rise in the benchmark BSE Sensex.
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