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Adani Transmission raises USD 700 million for under-construction transmission asset

Thursday, 28 Oct 2021
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Adani Transmission (ATL), a private sector power transmission and retail distribution company, has raised USD 700 million for its under-construction transmission asset portfolio through the definitive agreements signed with leading international banks.  
The revolving facility will finance ATL’s four transmission projects in Gujarat and Maharashtra. 
The definitive agreements set out a platform infrastructure financing framework of agreed principles and procedures under which ATL will engage with the financiers to raise financing efficiently and expeditiously for all future projects as per the agreed threshold parameters.  
On a fully drawn basis, the capex revolving facility will fund the capex programme of USD 1.1 billion. 
According to the agreement, eight international banks -- DBS Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, Siemens Bank, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation -- committed for the facility.  
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 ckt km of transmission lines by 2022. 
The revolving facility underlines the overall development philosophy of Adani portfolio companies implemented through an in-house developed project excellence framework committed to the highest standard of due diligence covering all international standard Environment, Social and Governance (ESG) aspects. 
ATL’s business strategy is centered on achieving Sustainable Development Goals (SDGs) across all its activities, with affordable and clean energy as the cornerstone. 
The facility is a step towards overall energy transition, wherein the projects located in Gujarat are part of the green energy corridor developed to facilitate dedicated transmission of renewable energy. 
The projects being implemented in Maharashtra are key upgrades to strengthen the transmission system and critical response drivers to overcome the technical constraints of renewable energy interface into the grid to ensure overall grid stability as well as ensuring integration of green energy into the city of Mumbai to promote the move to a low-carbon economy.  
Adani Electricity Mumbai (AEML), our distribution company in Mumbai, has legally covenanted a target of procuring at least 60 percent of energy from renewable sources – a quantum leap from the current three percent. 
The Standard Chartered Bank acted as Mandated Lead Arranger, Bookrunner (MLAB), and Documentation and Account bank; while MUFG Bank, acted as MLAB and technical advisor for the facility.  
Further, DBS Bank, Intesa Sanpaolo, Mizuho Bank, Société Générale, Siemens Bank GmbH and Sumitomo Mitsui Banking Corporation, each acted as MLABs for the facility.
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