Adani Transmission raises $700 mn

The facility will finance ATL’s four transmission projects in Gujarat and Maharashtra, the company said Thursday.

“This project financing deal is the first of its kind sanctioned by international banks in the transmission sector, and validates the overall development model of the Adani Group,” said Anil Sardana, MD, ATL. “All the Adani Group companies have aligned their investment plans to honour the nation’s commitment on climate change.”

ET had written on May 16 that Adani Transmission was planning to raise up to $1.15 billion through offshore loans to fund at least four projects in Gujarat and Maharashtra. At least four banks, including Standard Chartered, MUFG, Barclays and JPMorgan, were likely to syndicate the proposed loans, ET reported citing investment banking sources.

To be sure, the facility will be offered by eight international lenders: DBS Bank, Intesa Sanpaolo S.p.A., Mizuho Bank, MUFG Bank, Siemens Bank GmbH, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp.

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 company said.