India’s Adani Green Energy (AGEL) has raised a debt package of $1.35bn to finance its renewable asset portfolio.

The agreement sets out a financing framework of agreed principles and procedures. AGEL will engage with the financiers to raise financing for all the future projects as agreed.

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Initially, the facility will be used for a 1.69GW solar and wind portfolio under construction the Indian state of Rajasthan. The projects will be set up as four special purpose companies.

The company has signed definitive agreements with international lenders for the financing.

A total of 12 financial institutions agreed the hybrid project loan in India: Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank, Siemens Bank, and ING Bank.

The facility forms a key part of AGEL’s overall capital management plan.

An Adani spokesperson said the facility underlines Adani portfolio companies’ development strategy and its environmental, social and governance princples.

AGEL managing director and CEO Vneet Jaain said: “We see this as yet another validation of our execution ability in the renewable space. We are committed to producing the least expensive green electron and the pace and scale we have embarked on puts us well ahead on this path.

“The banks that have committed to this strategic transaction are our key partners in ensuring seamless access to global capital for our underlying renewable asset portfolio.

“The facility will also ensure capital recycling needs of the banks and make the same capital available for future projects of AGEL. This revolving nature of the facility will help AGEL to achieve its goal of a 25GW portfolio by 2025.”