Adani Green has raised $288 million in additional financing for its under-construction 1.96GW hybrid solar and wind projects in Rajasthan. Currently under construction in the heart of the Thar Desert near Jaisalmer, the hybrid portfolio is one of Asia’s largest revolving project finance deals.

The additional facility is expected to help finance 450MW of renewables projects. The facility extends Adani’s construction financing framework to $1.64 billion, from the original revolving financing facility of $1.35 million that closed in March 2021.

This new certified green hybrid project loan - Adani Green's first to be priced using the SOFR benchmark - is being provided by a consortium of international commercial banks including BNP Paribas, Rabobank, Intesa Sanpaolo, MUFG, Societe Generale, Standard Chartered and Sumitomo Mitsui. All banks were joint mandated lead arrangers for the facility.

Standard Chartered acted as bookrunner, documentation bank and E&S co-ordinator, while MUFG and Sumitomo Mitsui also acted as bookrunners, co-technical advisors and co-green loan advisors.

Among other partners Latham & Watkins and Saraf & Partners provided legal counsel to the borrowers, while Linklaters and Cyril Amarchand Mangaldas acted for the lenders.