Gautam Adani’s firm in talks for massive Rs 33330000000 loan, aims to use money for…

Gautam Adani is the second richest man in India with a massive net worth of Rs 676696 crore, Gautam Adani is involved in a wide range of businesses through numerous companies under the Adani Group. In the past couple of years, Gautam Adani’s group has been actively involved in green energy projects through Adani Green Energy and the company is reportedly in talks to get a massive Rs 3333 crore loan. As per a report by the Economic Times, Gautam Adani’s firm is in an advanced stage of talks with Rabobank, MUFG, SMBC and DBS for the massive loan.

Gautam Adani’s Adani Green Energy will reportedly use the funds for capital expenditure. The loan is expected to be priced at a secured overnight financing rate (SOFR) plus 250 basis points with a tenure of five years.

Adani Group will invest about Rs 2.3 lakh crore through 2030 in the country’s renewable energy expansion and solar and wind manufacturing capacity. Adani Green Energy Ltd will invest about Rs 1.5 lakh crore in expanding capacity to generate electricity from solar energy and wind power at Khavda in Gujarat's Kutch to 30 gigawatts from 2 GW currently and another Rs 50,000 crore in 6-7 GW of similar projects elsewhere in the country,

AGEL, which currently has an operating portfolio of 10,934 megawatts (10.93 GW), is targeting 45 GW of renewable energy capacity by 2030. 30 GW of this will come up at Khavda - the world's largest renewable energy project.