Indian conglomerate Adani has secured a loan of $1.36bn from a consortium of banks to build the world’s largest solar and wind park at Khavda in the western state of Gujarat.
The new loan brings the capital raised for the scheme to $3bn.
Adani Green Energy (AGEL) will develop the project. According to a press statement, the project will help AGEL to achieve its vision of increasing its renewable generating capacity from 8.4GW to 45GW by 2030, thereby playing “a critical role in India’s net zero journey”.
The loan was advanced by a consortium of eight lenders, including BNP Paribas, MUFG Bank, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
Adani Green rose 14.2% on Tuesday, in a rally in which other group companies also gained.
Vneet Jaain, AGEL’s managing director, said the achievement of $3bn in finance was “a historic landmark”. He said it would “boost the development of Khavda site, “which is poised to become the world’s largest renewable energy park with the generation capacity of 17GW”.