Adani Green Energy stated that it has tied-up with 10 international banks to branch out their construction finance portfolio for its current as well as future projects. The company has a portfolio of 14 GW functioning in construction and awarded wind and solar parks and also has further plans to commission renewable capacity of 25 GW by the year 2025.
Executive Director of the Adani Green Energy, Sagar Adani said, We have a huge construction pipeline that is ahead of us. Typically, how we do our financing is that by taking construction funding from Indian banks and once they are functional stage then we refinance the portfolio by raising international bond backing. What we are doing is going ahead because of the size, scale, and volume of projects we have ahead of us, and apart from the Indian banks we are also having around 10 odd International banks who are going to work and back us for construction greenfield funding.
The executive director didnt delve into any further details of the projects and its funding but he clarified that they are moving a step forward towards diversifying their construction finance portfolio so that the projects are absolutely funded at the time of execution. Adani also said that the drawdown of the service will be done by October and the projects to be executed till December 2021 will be fully sponsored.
He further mentioned, this is going to be a revolving construction facility so as soon as the projects are commissioned appropriately, they will be taken out from the international bond market and will be made available for the future wave of assets coming on. The Adani marks its progress post its acquisition of 205 MW of solar assets from the Essel Group and stated that Its been longer delay than we anticipated but we are closing it this quarter. We are only waiting for a few statutory approvals after which well close it.
The debt-ridden company Essel Group owned by Subhash Chandra entered into an agreement with the Adani Green Energy last year which specified that they were to sell its 205 MW operating solar assets at the enterprise cost of Rs 1300 crore. The Adani Green Energy presently posted their consolidated net profit of Rs 21.75 crore for the June quarter largely on the back of higher revenues. But the company also witnessed a net loss of Rs 97.44 crore in April-June 2019-20. The total income has risen to Rs 878.14 crore in April-June 2020-21 from Rs 675.23 crore as calculated from the same period last year.
