Adani Green Energy Secures $400 Million for Solar Power Projects in Rajasthan and Gujarat.

Adani Green Energy (AGEL), India’s leading renewable energy firm, has successfully raised $400 million in financing from a consortium of international lenders for its ongoing 750 megawatt (Mw) solar power projects in Rajasthan and Gujarat. The company announced this milestone in a statement on Wednesday.
The solar projects include a 500 Mw capacity in Rajasthan, which has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India, and a standalone 250 Mw merchant power project in Khavda, Gujarat, located within the world’s largest renewable energy cluster.
"AGEL is diversifying revenue streams with confidence in the evolving merchant energy market, alongside traditional PPAs, to enhance project revenue and position itself favourably for sustained value creation. Following AGEL’s lead, banks are increasingly comfortable with financing merchant projects, marking a sentiment shift in the international banking market," the company stated.
The financing was provided by Cooperative Rabobank U.A., DBS Bank, Intesa Sanpaolo S.p.A., MUFG Bank, and Sumitomo Mitsui Banking Corporation, highlighting the confidence of global financial institutions in AGEL's projects.
AGEL's shares closed at Rs 1,755 per share on Wednesday, reflecting a total market valuation of Rs 2.78 trillion. The company has ambitious plans to invest Rs 1.3 trillion in 2024-25 to expand its capacity across its portfolio companies and aims to raise up to Rs 25,000 crore in equity this financial year to fund these projects. Specifically, AGEL plans to invest Rs 34,000 crore to expand facilities at the Khavda site in Gujarat alone.
The $400 million construction facility, coupled with innovative funding solutions, includes a syndicated guarantee-backed assurance program aligned with AGEL’s procurement strategy. This transaction underscores AGEL’s commitment to maintaining a sustainable debt structure as part of its capital management plan for financing merchant exposure.
The green loan, facilitated through AGEL’s subsidiaries, supports the company’s growth trajectory and reinforces its dedication to sustainability initiatives. AGEL currently operates a diverse portfolio comprising 10,934 Mw, including 7,393 Mw of solar capacity, 1,401 Mw of wind capacity, and 2,140 Mw of wind-solar hybrid capacity.
BS