Overseeing India’s largest hybrid wind-solar renewable energy project

15 Jun 2021

Three hybrid power plants. 1.69 GW combined capacity. One of Asia’s biggest consortium-financed projects to date.

Tractebel’s Renewable Energy team in India has been chosen by a consortium of 12 international banks to perform Lender’s Independent Engineering (LIE) services for three wind-solar hybrid power projects in Rajasthan. The combined 1.69 GW-capacity renewable energy project is the latest initiative in India’s ongoing commitment to move away from fossil fuels. Developed by Adani Green Energy Ltd. (AGEL), the project will be the largest hybrid renewable power plant in the country and one of the biggest project financing deals in Asia. AGEL is targeting a total generation capacity of 25 GW of renewable energy by 2025.

Tractebel’s contribution: from due diligence to annual reviews

Our scope of services covers the technical due diligence study, periodic construction monitoring, commissioning and project completion followed by an annual operational review of the three projects (390 MW, 600 MW and 700 MW) in Rajasthan’s Jaisalmer district.
The technical due diligence phase has been successfully completed and the borrower has received the first financial instalment for the project. The entire team is looking forward to the next phase of the project, the construction monitoring.

India’s first certified green hybrid project loan

The 12 international banks are financing the three projects via a revolving project finance facility, a flexible funding solution whereby the borrower (AGEL) can withdraw, repay and withdraw again. This agreement is the first certified green hybrid project loan in India, one of the largest project financial deals in Asia and an exciting milestone for renewable energy worldwide.
The consortium is composed of the following banks: MUFG Bank, Standard Chartered Bank, Intesa Sanpaolo SpA, Sumitomo Mitsui Banking Corporation, Cooperatieve Rabobank UA, DBS Bank Ltd, Mizuho Bank Ltd, BNP Paribas, Barclays Bank Plc, Deutsche Bank AG, Siemens Bank GmbH and ING Bank NV.

MUFG Bank, on behalf of all the Lenders
“On behalf of all lenders, MUFG Bank would like to thank you for all your hard work in completing the due diligence reports, Q&A (several rounds!) and answering the many ad hoc questions. It has been a pleasure working closely with your team. In terms of size and complexity, this project has been one of (if not the) largest and most complex that we’ve come across in India. Not to mention all the due diligence was undertaken under COVID-19 conditions. We truly appreciate the work you put in. Thanks for assisting us with the due diligence and helping to bring this landmark project to a smooth close.”

Adani Green Energy Ltd. (AGEL), project company / developer
“We really appreciate the efforts by the Tractebel team in completing the technical due diligence reports, and your quick replies to the plethora of queries by multiple lenders. Your team has left no stone unturned, and it is because of you that we were able to achieve this historic landmark in a timely fashion. Our team could not be more satisfied with your work, and we look forward to continuing this relationship.”

Module Mounting Structure | IDT Station 

WTG Erection | WTG Foundation

Switchyard | 220kV transmission line

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