Adani Green Energy jumps 13% on getting $1.36 billion follow-on funding

Shares of Adani Green Energy surged over 14 percent to above Rs 1,280 in the morning trade on December 5 after the company announced that it secured an additional $1.36 billion funding via senior debt facility.

The funding takes the firm’s total construction financing framework to $3 billion, supported by an international consortium of banks.

“The financing will be a key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”, the company said in an exchange filing on December 5.

In the last month, Adani Green Energy stock has gained nearly 27 percent.

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The funding will help the initial stage development of 2,167 MW renewable energy facility at Khavda, and will serve as a crucial stepping-stone for the future expansion of the site, the company said.

The Khavda project, expected to be the world’s largest renewable energy (RE) park, aligns with AGEL’s vision of achieving 45 GW of operating renewable capacity by 2030, it added.

BNP Paribas, Coöperatieve, Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SpA, MUFG Bank, Ltd, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation for the consortium that extended the loan facility.

“This will boost the development of the Khavda site which is poised to become the world’s largest Renewable Energy Park with a generation capacity of 17 GW”, said Vneet Jaain, MD & CEO of Adani Green. “It will be a catalyst in the accelerated completion of the development activities at the project site.”

At 10.34 pm, the stock was trading at Rs 1,277 on the National Stock Exchange, up 13.64 percent from previous close.

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