Adani Green Energy Twenty Four Limited has clinched a significant ₹4,404 crore financing deal, tapping into the resources of the National Bank for Financing Infrastructure and Development (NaBFID) along with a consortium of lenders. Legal expertise for the arrangement was provided by Cyril Amarchand Mangaldas (CAM), guiding the borrower through a complex funding structure aimed at driving large-scale renewable energy projects.
The funds will fuel the development of 929 MW AC renewable capacity, spread across two states. Key installations include a 500 MW AC solar project in Fatehgarh, Rajasthan, and multiple projects in Gujarat’s Kutch district: a 300 MW AC solar project, a 104 MW AC wind farm, and a 25 MW AC solar plant. Notably, the Gujarat-based ventures are being operated under merchant sale arrangements, showcasing Adani’s strategic diversification.
A distinctive aspect of the transaction involved structuring LC sublimits with Adani Green Energy Limited participating as a co-borrower, further underscoring the group’s collaborative financial model. CAM’s advisory team, led by Partner Yash Jain and supported by associates Janani Chandrasekaran and Anubhav Khandelwal, played a pivotal role in navigating the intricate financing landscape.
The transaction was initiated on June 28, 2024, and successfully closed on September 27, 2024, marking a critical step in Adani’s green energy expansion plan.
