Adani Green in talks with Indian banks to tie up $2-2.5 billion funding

Adani Green Energy is in talks with Indian banks, both State-owned and private, to tie up funding of $2-2.5 billion that will be spent over the next six-eight months to ramp up capacity rapidly, sources said.

The renewables energy producer, which has maintained an annual run rate of 3-4 GW capacity addition, now plans to speed up the pace in order to reach its stated target of 50 GW by 2030 and for that it is aiming to add 7-8 GW annually over the next few years. By 2029, it intends to get to the 30-GW mark from 2.4 GW now at Khavda in Gujarat, the site of a massive renewable project consisting of solar and wind farms.

In the current fiscal year, it has added a little over 3 GW and is expected to end the year with total capacity addition of about 5GW. At the end of December 2024, it had a portfolio close to 12 GW. “We will make sure that we increase our run rate from this year to next year by a significant amount,” said Chief Executive Officer Amit Singh at the analyst call last month.

Sources said that the cost of borrowing overseas and from international banks had increased and the company was looking to Indian banks for its funding requirements. It will be tying with a consortium of domestic banks in the near future, they added.

There was no response to an e-mail sent to the group spokesperson seeking a comment.

$400 million from 5 international banks

Last May, the company had secured $400 million from five international banks for under-construction 750 MW of solar projects in Rajasthan and Gujarat.

In order to speed up its pace of execution, the management said in its quarterly earnings call that it was extending its relationships with solar modules suppliers, both domestically and internationally.

Its assets are spread across Tamil Nadu, Karnataka, UP, MP, Punjab, Andhra, Telangana, Rajasthan, Chhattisgarh, Maharashtra and Gujarat.