On 12^th July 2024, Adani Green Energy Ltd (AGEL), India's largest renewable energy company, announced that it has raised USD400 million in financing from a consortium of international lenders. This funding will support the construction of its 750 megawatt (MW) solar power projects in Rajasthan and Gujarat. The Rajasthan project, with a capacity of 500 MW, has secured a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India. Meanwhile, the 250 MW Gujarat project is being developed as a standalone merchant power project within the world’s largest renewable energy cluster in Khavda, Gujarat.

AGEL is diversifying its revenue streams by investing in the evolving merchant energy market alongside traditional PPAs. This strategy aims to enhance project revenue and position the company for sustained value creation. The successful financing of the merchant projects reflects a positive shift in international banking sentiment. The debt facility was provided by Cooperative Rabobank U.A., DBS Bank, Intesa Sanpaolo S.p.A., MUFG Bank, and Sumitomo Mitsui Banking Corporation.

AGEL shares closed at USD 21.01 per share, with a total market valuation of USD 33 Billion. The company announced plans to invest USD 33 Billion in 2024-25 to expand its capacity across its portfolio companies. It also plans to raise up to USD 300 million in equity this financial year to fund these projects. Among its investments, AGEL aims to allocate USD 4 Billion to expand its facilities at the Khavda site in Gujarat.

The USD400 million construction facility, alongside other funding solutions, includes a syndicated guarantee-backed assurance program aligned with AGEL’s procurement strategy. This transaction establishes a sustainable debt structure as part of AGEL’s capital management plan for financing merchant exposure. The green loan, housed under AGEL’s subsidiaries, supports the company's growth trajectory and commitment to sustainability. Currently, AGEL operates a portfolio of 10,934 MW, comprising 7,393 MW of solar, 1,401 MW of wind, and 2,140 MW of wind-solar hybrid capacity.