India's Adani Green secures additional $1.36bn loan

Electric power transmission pylon miniatures and Adani Green Energy logo are seen in this illustration taken, December 9, 2022. REUTERS

India's Adani Green Energy said on Tuesday it has received a follow-on funding of $1.36 billion via a green loan from an international bank consortium to help the company expand its renewable power capacity.

This brings Adani Green's total funds in its construction asset portfolio to $3 billion, according to a stock exchange filing, from the initial project financing in March 2021 raised to set up solar and wind energy projects.

The new loan will be used to develop the company's renewable energy project at Khavda in the western Indian state of Gujarat, the company said.

Adani Green aims to have a renewable operating capacity of 45 gigawatts by 2030 from its current 8.4 GW.

A consortium of eight foreign lenders, including BNP Paribas, MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, extended the green loan.

Adani Green rose as much as 14.2% on Tuesday, in a rally in which other group companies also gained.

Shares of Adani Group companies are recovering after a Jan. 24 report by Hindenburg Research raised concerns over debt levels and the use of tax havens, wiping out nearly $147 billion in market capitalisation from its listed entities.

The conglomerate has denied all allegations.