Adani Group stock hit a 20 percent upper circuit in the day’s trade after it secured a follow-up funding of USD 1.36 Billion to further boost its Construction Financing, to build the world’s largest Renewable Energy Park at Khavda in Gujarat.
The shares of Adani Green Energy Limited hit 20 percent in the day’s trade at Rs. 1,348.50 and its market capitalization is Rs. 2,13,527 Crores.
Adani Green Energy Limited (AGEL), India’s largest and world’s leading renewable energy player announced follow-up funding of USD 1.36 billion to further boost its Construction Financing Framework to USD 3 Billion backed by a consortium of renowned international banks.
The definitive agreements have been executed with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021.
The green loan facility has been extended by a consortium of lenders which include, BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The funds raised play a pivotal role in enabling the development of AGEL’s next milestone, the world’s largest Renewable Energy Park at Khavda in Gujarat. The world’s largest renewable energy park at Khavda will not only enable AGEL’s vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India’s net zero journey.
Adani Green Energy is the largest renewable energy producer in India with its infrastructure strategically located in 12 states. Its total operational capacity consists of 8,316 MW, which includes 5,063 MW from Solar, 1,201 MW from Wind, and 2,160 MW from Hybrid.
It is going to achieve an operational Capacity of 20,434 MW with its ongoing renewable energy expansion projects, which majorly consist of Power generation from Solar Energy and the rest from Wind and Hybrid. At present, it has 2,00,000 acres of resource-rich sites in strategic locations, with 40 GW of sites with geotechnical, resource analysis & design work done.
Its revenue from operations grew 51.8 percent from Rs. 5,133 Crores in FY22 to Rs. 7,792 Crores in FY23, accompanied by increasing profits of Rs. 489 Crores to Rs. 974 Crores.
Adani Green Energy is a holding company of several subsidiaries carrying business of renewable power generation within the group and is primarily involved in renewable power generation and other ancillary activities.
Written by: Bharath K.S
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