Adani Green Khavda Construction Financing
A revolving construction-finance framework with a consortium of international banks — the largest RE construction facility in India.
Footage · K24 Live · YouTube
US$1.36bn
Facility size
Revolving construction-finance framework
Revolving
Structure
Draw-repay-redraw against construction milestones
approx. 30 GW
Park scale
Planned ultimate hybrid capacity at the site
Multi-bank consortium
Lender group
International commercial banks syndicated exposure
approx. 538 sq km
Site area
Reported land parcel size in Kutch, Gujarat
Solar+Wind hybrid
Technology mix
Co-located generation to improve capacity utilisation
2021-22
Government-backed allocation of a vast wasteland tract in Kutch, Gujarat, for a multi-gigawatt hybrid renewable energy park.
2022-23
Developer announces phased build-out plans requiring tens of billions of dollars in cumulative capex over the decade.
2023
International banks begin structuring a revolving construction-finance facility to fund rolling capacity additions rather than one-off project loans.
2024
Consortium of international lenders finalises a US$1.36bn revolving construction facility, reported as the largest RE construction financing in India.
2024-25
Facility begins funding sequential solar-wind-hybrid capacity blocks as construction milestones are certified.
A US$1.36bn revolving construction-finance framework arranged by a consortium of international banks for a hyperscale renewable energy park in Gujarat is the largest such RE construction facility reported in India. It shows global lenders are willing to underwrite large-scale, phased RE build-out using revolving structures tied to construction milestones rather than single-project term loans. For Indian developers and utilities this is a template for scaling gigawatt-class parks without repeatedly re-financing each tranche, and for lenders it demonstrates how portfolio-level security and phased drawdowns can de-risk exposure to India's renewable pipeline.
Indian utilities and SECI/state tenders are moving toward gigawatt-scale, multi-phase RE-plus-storage parks; this facility shows how central transmission planning (ISTS waivers, dedicated evacuation corridors) and standardised land/EPC frameworks can unlock large syndicated debt. Developers bidding for Renewable Energy Parks, CPSU or hybrid-storage tenders should structure financing in phased, milestone-linked tranches and align documentation with international lender diligence norms to access cheaper offshore capital alongside domestic PFC/REC funding.
Engineering, procurement and finance lessons
01
Revolving facilities suit phased mega-parks
Instead of financing each block separately, a revolving construction facility lets a single credit line be redrawn as prior tranches are repaid or refinanced with term debt, cutting transaction costs and negotiation time for repeat capacity additions at gigawatt-scale sites.
02
Portfolio security beats single-asset collateral
Lenders accepted security over a pipeline of assets and cashflows rather than one project, which required robust, standardised EPC and O&M contracts across sites so risk could be assessed at portfolio level rather than asset-by-asset.
03
International capital needs currency and policy comfort
Attracting a large international bank consortium required clarity on land title, evacuation infrastructure, and tariff/PPA enforceability; developers should pre-clear these before approaching offshore lenders to shorten due diligence.
04
Construction-stage milestones as draw triggers
Disbursement tied to verified construction milestones (foundations, module mounting, transmission tie-in) rather than calendar dates reduces lender risk and forces disciplined EPC scheduling and independent engineer sign-off.
05
Hybrid co-location improves bankability
Combining solar and wind at one site smooths generation profiles and capacity utilisation, which lenders increasingly reward with better terms compared with single-technology projects of similar size.
Sources · Reuters · Bloomberg · Mercom India · PV Magazine India
- Structuring phased, milestone-based construction-finance frameworks for gigawatt-scale RE and storage parks.
- Advising on lender diligence readiness: land title, transmission evacuation, PPA/tariff enforceability for offshore capital access.
- Benchmarking EPC and O&M contract standardisation to enable portfolio-level rather than asset-by-asset credit assessment.