Indian company Adani Green Energy announced on Tuesday that it has secured $1.36 billion in follow-on financing from an international banking consortium in the form of a green loan to help the company expand its renewable energy capabilities .
This brings the total amount of funds Adani Green is deploying in its asset portfolio to build solar and wind energy projects to $3 billion, according to a stock market filing published in March 2021.
The new loan will be used for the development of the company’s renewable energy project in Khavda in the western Indian state of Gujarat, the company said.
Adani Green is targeting 45 gigawatts of renewable energy operating capacity by 2030, up from its current 8.4 GW.
A consortium of eight foreign lenders, including BNP Paribas, MUFG Bank, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, provided the green loan.
Adani Green rose as much as 14.2% on Tuesday in a rally that saw other companies in the group also gain.
Shares of Adani Group companies are rallying after a Jan. 24 report from Hindenburg Research raised concerns about debt and use of tax havens, causing the market capitalization of listed companies to fall by nearly $147 billion.
The conglomerate has denied all allegations. (Reporting by Rama Venkat and Sethuraman NR in Bengaluru; Editing by Janane Venkatraman)
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