The financing will help AGEL achieve its aim to generate 45GW by 2030. Credit: Dahanayake/Shutterstock.com.

AGEL has secured $1.36bn (Rs113.33bn) in funding to support the development of a 2.16GW renewable energy project at Khavda in the Indian state of Gujarat.

The $1.36bn senior debt facility is follow-on funding that expands AGEL’s construction financing framework to $3bn since initial project financing was received in March 2021.

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The loan is being provided by a consortium of eight international banks: BNP Paribas, Coöperatieve Rabobank UA, DBS Bank, Intesa Sanpaolo, MUFG Bank, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking.

AGEL describes the funding as a significant achievement towards the initial phase of development of the Khavda project and a stepping stone for its future build-out.

The Khavda project will become the world’s largest renewable energy park.

It will support the company’s target of 45GW of operating renewable capacity by 2030, and India’s net-zero endeavours.

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The financing is also key to the company’s capital management strategy and its plan for accretive growth.

AGEL CEO Amit Singh stated: “We believe the construction financing framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust of our financiers in our strategic vision.

“We are committed to deliver low-cost green electrons by leveraging technology, accelerating digital transformation and continued focus on development and operational excellence. We are committed to expanding our renewable power capacity to 45GW by 2030, underscoring our dedication to mitigate climate change risks.”

In September 2023, Bloomberg reported that TotalEnergies is in talks to invest up to $700m (€648.56m) in AGEL projects.

The French oil and gas major is AGEL’s second-largest shareholder, with a 19.75% stake.