PFI recognizes ATL for its USD 700 Mn revolving project financing transaction
- The award validates the overall capital management program and associated Platform Infrastructure Financing Framework through which ATL raised USD 700 Mn in one of Asia’s largest revolving project finance transactions
- Reinforces ATL’s strategy to deepen the overall liquidity pool through international banking market in addition to existing domestic as well as global public and private debt capital market issuances
- Validates ATL’s overall development plan and brings it closer to its goal of 20,000 circuit km of transmission lines by 2022
Ahmedabad, 27 December 2021: Adani Transmission Ltd (ATL), the transmission and distribution arm of the diversified Adani Group, has won the Asia-Pacific Indian Deal of the Year award from Project Finance International (PFI). The award recognizes ATL for the USD 700 Mn revolving project finance facility executed under the framework agreement to finance greenfield transmission projects for the first time in India.
PFI, a globally renowned publication focused on project finance reporting, has recognized the innovative structure of the facility which has certain unique features:
- Platform Infrastructure Financing Framework of agreed principles facilitating the capex program of USD 1.1 Bn on fully drawn basis to support the evacuation and penetration of renewable energy through efficient grid infrastructure implementation
- Unique drawdown and repayment facilitating construction on differing timelines
- Embedded capital market issuance through go-to-market feature fulfilling bank’s recycling requirement
“This project financing deal is unique to the sector and is the first of its kind sanctioned by international banks in the transmission sector, and it is encouraging to see that it has attracted this recognition from PFI,” said Mr. Anil Sardana, MD and CEO, ATL. “The facility and the relationship established with various international banks are the key elements of ATL’s overall capital management plan and is central to fully funding its growth aspirations. The Platform Infrastructure Financing Framework marries the capex program of ATL with the capital allocation from the banks in the most efficient manner to ensure overall capital stewardship maintained through our capital management philosophy focused on equitable growth.”
About PFI: Project Finance International (PFI) has been at the forefront of project finance reporting for the last 25 years. It is the most comprehensive and authoritative publication to serve the industry, covering all the major sectors, including transport, power, oil & gas, infrastructure and mining.
About Adani Transmission Limited
Adani Transmission Limited (ATL) is the transmission and distribution business arm of the Adani Group, one of India’s largest business conglomerates. ATL is the country’s largest private transmission company with a cumulative transmission network of ~18,336 Circuit Km, out of which ~14,131 Circuit Km is operational and ~4,205 Circuit Km is at various stages of construction. ATL also operates a distribution business serving about 3 million+ customers in Mumbai. With India’s energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards serving retail customers and achieving ‘Power for All’ by 2022.
