The State Bank of India, India’s largest public sector lender, has provided loan finance of 10,238 crore to Adani Enterprises Ltd, the Adani Group’s flagship company, for the construction of the Ganga expressway.
The access-controlled six lane greenfield Ganga expressway project has reached financial closure, according to three wholly-owned subsidiaries of Adani Enterprises: Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL), and Unnao Prayagraj Road Private Ltd (UPRPL), the Gautan Adani-led business reports in an exchange filing.
In-depth details about For the Ganga expressway, Adani Enterprises secures financing of Rs. 10,238 cr:
The Uttar Pradesh Expressway Industrial Development Authority and the three subsidiaries have agreed to a concession (UPEIDA). 30 years make up the concession term.
India’s longest highway to be tolled will be the Ganga expressway in Uttar Pradesh, which would link Meerut and Prayagraj. The Adani company will construct 464 km of the expressway’s total 594 km, or 80% of it, between Budaun and Prayagraj.
“The State Bank of India has guaranteed the whole INR 10,238 billion debt required for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL). With the help of this SBI loan, we are one step closer to giving our nation and the state of UP another important infrastructure “explains KP Maheshwari, CEO of Adani Enterprises’ Road Business.
With 18 projects totaling more than 6,400 lane kilometres and an asset value surpassing $44,000 crore, Adani Enterprises’ road portfolio now spans ten Indian states, including Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal, and Odisha. A combination of HAM (hybrid annuity model), TOT (toll-operate-transfer), and BOT (build-operate-transfer) asset types are included in the portfolio.
In the meantime, the Rajasthani city of Jaisalmer now has a 600 megawatt co-located wind-solar hybrid power plant from Adani Group’s renewable energy division, Adani Green Energy. Power purchase agreements (PPAs) worth 2.69/kwh for 25 years have been made with Solar Energy Corporation of India for the facility.
150 MW of wind power and 600 MW of solar power make up the hybrid power plant.
With the successful commissioning of this 600 MW facility, Adani Green Energy has the greatest operational hybrid power generation capacity in the world, with a total operational generation capacity of almost 6.7 gigawatt. This puts AGEL’s goal of 45 GW of capacity by 2030, which now stands at about 20.4 GW of its overall renewable portfolio, on pace.
Earlier this week, Gautam Adani said that his business will invest more than $100 billion in the coming ten years, of which $70 billion would go toward a fully integrated green hydrogen-based value chain. Speaking at the Forbes Global CEO Conference 2022 in Singapore, Adani stated, “We have targeted 70% of our investment for the energy transition space.”
