Shares of Adani Green Energy Ltd jumped 18% in intraday trade today after the Adani group company announced a follow-on funding of $1.36 billion to further boost its construction financing framework to $3 billion, backed by a consortium of international banks.

The green loan facility has been extended by consortium of lenders which include BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank, Intesa Sanpaolo S.p.A., MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

The green loan facility is expected to play a pivotal role in enabling the development of the green energy producer's next milestone - the world's largest renewable energy park at Khavda in Gujarat.

The funding also marks a significant achievement to develop 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site, the Gautam Adani-led company says in a statement.

Reacting to the announcement, shares of Adani Green gained 18% in intraday trade to ₹1,340 apiece on the National Stock Exchange (NSE). The company’s market cap rose to ₹2.08 lakh crore.

The definitive agreements have been executed with eight leading international banks, which are all returning lenders and instrumental in establishing AGEL's Construction Financing Framework since March 2021, the Ahmedabad-based company says.

"The funding is an important element of AGEL's overall capital management plan and accelerated development programme fostering accretive growth. AGEL’s successful track record with overall assurance structure of the construction framework are instrumental in securing the trust of the international lending community for the enhanced commitments," it says.

"The extension of construction financing framework to $3 bn is a historic landmark and will boost the development of Khavda site which is poised to become the world's largest Renewable Energy Park with the generation capacity of 17 GW. It will be a catalyst in the accelerated completion of the development activities at the project site," says Vneet S Jaain, MD, Adani Green.

The world's largest RE park at Khavda will not only enable AGEL's vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India's net zero journey, the company says.

"The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision. We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks," says Amit Singh, CEO, Adani Green Energy.

In August, a subsidiary of the renewable energy producer received a commercial operational date certificate from Solar Energy Corporation of India (SECI) for solar PV cells and solar PV modules manufacturing plant located in Mundra, Gujarat.

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