Ahmedabad: 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 implementationUnique 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.”
Source : adanitransmission
