Adani Renewable Energy, a part of the Adani Group, has achieved financial closure for its $1 billion solar energy project that will supply renewable power to the city of Mumbai.
In a statement, Adani said the project involves setting up 2,500 acres of solar parks and a 1,725 MW power transmission system. The project aims to meet 25% of Mumbai's energy needs through solar power.
The financial closure was achieved with a banking consortium comprising DBS Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, Siemens Bank GmbH, Société Générale, Standard Chartered, Sumitomo Mitsui Banking and Hong Kong Mortgage Corp.
The solar parks will be built in the Indian state of Gujarat and the power will be transmitted to Mumbai via HVDC cables and transmission lines. The project is expected to generate more than 4,000 jobs.
Gautam Adani, chairman of the Adani Group, said the project underscores the company's commitment to pursuing sustainable growth through renewable energy generation.
"We are well on our way to transitioning into a 100% green energy company. This partnership with the leading global financial institutions underlying the project's bankability," Adani said in a statement.
The financial closure allows the project to begin commercial operations and enables the entire fund-raising process. The $1 billion project marks Adani Renewable Energy's entry into the green energy sector in the state of Maharashtra.
