“We have a very large construction pipeline ahead of us. Typically we carry out our financing by taking out mortgage lending from Indian banks and as soon as they are operational we refinance the portfolio by topping up international bond financing.
“So what we’re doing is because of the size, scope and volume of the projects we have ahead of us. In addition to Indian banks, we also have about 10 international banks that will be working with us on construction.” Greenfield financing “, Adani Green Energy’s executive director Sagar Adani told reporters on a phone analyst call.
However, he did not disclose any further details.
He said the move is also a step in diversifying his home finance portfolio so that all projects are fully funded at the time of execution.
Adani said that drawdowns on the facility will be completed by October and projects to be completed by December 2021 will be fully funded.
“This will be a revolving construction facility so once the projects go live they will be taken off the international bond market and the facility will be available for the next wave of assets,” he added.
On the progress of the acquisition of 205 MW solar systems from Essel GroupAdani said, “It’s been a longer delay than we expected, but we’re closing it this quarter. We’re just waiting for some legal clearances after which we will close it.”
Last year, the debt-ridden Essel Group, controlled by Subhash Chandra, reached an agreement with Adani Green Energy to sell its 205 MW solar panels for an enterprise value of Rs.1,300 billion.
Adani Green Energy today announced consolidated net income of Rs 21.75 billion for the June quarter largely driven by higher revenues.
The company had a net loss of Rs 97.44 billion in April-June 2019-20, it said.
Total income rose to Rs 878.14 crore in April-June 2020-21 from Rs 675.23 crore in the same period last year.