NE BUSINESS BUREAU
AHMEDABAD, OCT 28
Adani Transmission ltd (ATL), the power transmission company of the Adani Group, said it has raised $700 million revolving project finance – the largest such financing. The revolving facility will finance ATL’s four transmission projects in Gujarat and Maharashtra.
The company, as per the agreement, eight international banks – DBS Bank, Intesa Sanpaolo SpA, Mizuho Bank, MUFG Bank, Siemens Bank GmbH, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation, have committed for the facility.
#AdaniTransmission raises USD 700 Mn in one of Asia’s largest revolving project financing deals.#AdaniGroup
— Adani Group (@AdaniOnline) October 28, 2021
This strategic transaction will meet the capital recycling needs of the banks and make the same capital available for current and future projects of ATL. The revolving nature of the facility will help ATL to achieve its goal of 20,000 circuit-km of transmission lines by 2022, the company said in a statement.
Anil Sardana, MD and CEO, ATL said, “This project financing deal is the first of its kind sanctioned by international banks in the transmission sector. ATL is at forefront of grid stability and providing sustainable, reliable and affordable energy solutions. Our development agenda is coupled with overall capital stewardship maintained through our capital management philosophy focused on equitable growth.”
