Mumbai, Sep 11 (PTI) Adani Green Energy on Friday said it has tied up with around 10 international banks to diversify construction finance portfolio for its ongoing and future projects.
The company — which has a portfolio of 14 GW of operating, in- construction and awarded wind and solar parks — is aiming to commission renewable capacity of 25 GW by 2025.
“We have a very large construction pipeline that is ahead of us. Typically how we do our financing is that we take construction financing from Indian banks and once they are operational then we refinance the portfolio by raising international bond funding.
“So, what we are doing going ahead is because of the size, scale and volume of projects we have ahead of us, in addition to the Indian banks we are also having about 10 odd international banks who are going to work with us for construction greenfield funding,” Adani Green Energy executive director Sagar Adani told reporters in a media analyst call.
However, he did not disclose further details on the same.
He said the move is a step towards diversifying its construction finance portfolio as well so that all projects are fully funded at the time of execution.
Adani said the drawdown of the facility will be over by October and the projects to be executed till December 2021 will be completely funded.
“This is going to be a revolving construction facility so as soon as the projects are commissioned they will be taken out from the international bond market and the facility will be made available for the next wave of assets coming on,” he added.
On the progress of the acquisition of 205 MW of solar assets from Essel Group, Adani said, “It”s been a longer delay than we expected but we are closing it this quarter. We are only waiting for a few statutory approvals after which we will close it”.
Last year, debt-ridden Essel Group, controlled by Subhash Chandra, had entered into an agreement with Adani Green Energy to sell its 205-MW operating solar assets at an enterprise value of Rs 1,300 crore.
Adani Green Energy today posted a consolidated net profit of Rs 21.75 crore for June quarter mainly on the back of higher revenues.
The company had a net loss of Rs 97.44 crore in April-June 2019-20, it said.
The total income rose to Rs 878.14 crore in April-June 2020-21 from Rs 675.23 crore in the same period last year. PTI PSK BAL