Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
According to Adani Green Energy Ltd (AGEL), with the support of a group of five international banks, it has managed to acquire $400 million in funding for its 750 MW of solar projects in Rajasthan and Gujarat. The projects are anticipated to become functional from November 2024 onwards.
A long-term power purchase agreement (PPA) has been signed between the 500 MW Rajasthan project and the Solar Energy Corporation of India (SECI). The second project, which has a 250 MW capacity, is a stand-alone merchant power project located in Gujarat's Khavda renewable energy cluster. AGEL is leading the way in the international banking sector by financing merchant projects; its diversification of revenue streams beyond typical PPAs aims to improve project revenue and market integration.
The financing facility includes a syndicated guarantee-backed assurance program, supporting AGEL’s capital management plan for merchant exposure. The deal represents a milestone for the Indian renewable energy sector, facilitating the transition to market integration and supporting low-cost green projects with sustainable financing.
The lending consortium includes Cooperative Rabobank U A, DBS Bank Ltd., Intesa Sanpaolo S p A, MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation, providing confidence in AGEL’s growth plans. Sustainable Fitch recognised AGEL's Green Loan Framework for its alignment with the Green Loan Principles, 2023, reinforcing AGEL’s commitment to sustainability and accelerating India's transition to clean energy.
AGEL's operational portfolio includes 10,934 MW capacity, with 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid projects. Legal counsel for AGEL included Latham & Watkins LLP and Saraf & Partners, while Linklaters and Cyril Amarchand Mangaldas represented the lenders.
Also Read : Jindal Stainless acquires 46% stake in Chromeni Steels for ₹278 cr Hindustan Zinc reports 14% fall in greenhouse gas emission intensity
Nornickel, struggling to import equipment to sanctions-hit Russia, will close its Arctic copper plan...
China 22-Apr-2024
JSW Steel’s CEO backs safeguard tariffs as essential for market balance. Tariffs are seen as...
Business 25-Apr-2025
About ₹12,900 crore has already been invested in the domestic steel sector under the PLI scheme for...
Announcement 14-Feb-2024
In January, India experienced a second consecutive monthly decline in crude oil imports from its pri...
Oil & Gas 01-Feb-2024
Prime Minister Narendra Modi will virtually lay the foundation stone for the 300 MW Solar Power Plan...
Press Releases 16-Feb-2024
Two new coal mines with a cumulative PRC of 7.5 million tonne (MT) have started producti...
Press Releases 01-Feb-2024