Sep 15, 2020, 08:30 EST
Bronx, United States, Sep 15, 2020, 08:30 /Comserve / -- Adani Green declared that it has tied up with nearly 10 foreign banks to broaden its construction finance portfolio for its upcoming and current projects.
Mumbai, September 14, 2020: On Friday, i.e., September 11, Adani Green declared that it has tied up with nearly 10 foreign banks to broaden its construction finance portfolio for its upcoming and current projects.
At present, the company has a portfolio of 14 GW under construction, operating, and awarded wind and solar parks. It aims to expand its renewable capacity to up to 25 GW by 2025.
Currently, Adani Green Energy has many big construction projects in its hand. The company borrows financing for construction from Indian banks, and when they start functioning, the company refinances by raising international bond funding. Sagar Adani, the Executive Director of Adani Green Energy, said that the reason behind this step is the volume, size, and scale of the projects that Adani Green currently has. He further added that apart from the Indian banks, the company also has 10 odd international banks to work with for the construction of greenfield funding.
Though the Adani group has not disclosed any further details about the move, Sagar Adani informed that this is a step towards expanding the base of its construction finance portfolio so that the projects it undertakes are funded completely by the time of its execution. As per the company, all the procedures will be completed by October, and with that, projects till December 2021 will be fully funded.
India's one of the largest renewable companies, Adani Green Energy Limited (AGEL), is a part of Adani Group with a current project portfolio of 13,990 MW. AGEL builds, develops, operates, owns, and maintains solar and wind grid farm projects. The generated electric power is supplied to government and government-backed entities. In its financial reports for the quarter ended June 30, 2020, the company's net exports rose by 24% y-o-y and stood at 1,382 million units, and the total income stood at INR 878 crore, which is 30% more than that of the previous financial year. The revenue from power supply increased to INR 609 crore, which is 10% up y-o-y. This shows the growing demand for cleaner and greener technology in the domestic and international sphere for which the company is prepared.
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