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Adani Transmission Limited (ATL), India's largest private sector power transmission and distribution company, said on Wednesday its $700 million revolving facility has been tagged as 'green loan' by Sustainalytics.
Sustainalytics, a Morningstar Company, provides analytical environmental, social and governance (ESG) research, ratings and data to institutional investors and companies. "ATL has been a signatory to energy compact goals as part of COP26 and the energy compact with UN in November 2021" Anil Sardana, MD and CEO, Adani Transmission Limited said in a statement. "The SPO from Sustainalytics is the testament to overall philosophy of Adani Transmission to facilitate transition to green energy by increasing the share of renewable power in the overall grid, in line with India's commitment on climate change," Sardana said. Sustainalytics had issued the independent SPO on the alignment of the reviewed framework with the current market standards and the extent to which the eligible project categories are credible and impactful. Sustainalytics has opined that ATL's green loan framework aligns to the four core components of the green loan principles 2021 on project evaluation & selection, use of proceeds and associated contribution to sustainable development goals, management of proceeds and reporting. The projects associated with the $700 million revolving facility are being implemented in the states of Gujarat and Maharashtra. In Gujarat, these projects are part of the Government of India's Green Energy Corridor Projects (GEC), dedicated to the evacuation and transmission of renewable energy. In Maharashtra the projects are conceptualised to strengthen Mumbai's transmission system by enhancing grid stability and providing a stable transmission network which shall promote higher share of renewable energy in the overall grid mix ensuring more penetration of green energy to the end consumers. This investments in the eligible category shall support the transmission of clean energy and advance the UN Sustainable Development Goals (SDG) 7 (Ensure universal access to affordable, reliable and modern energy services, increase substantially the share of renewable energy in the global energy mix); and SDG 9 (Develop quality, reliable, sustainable and resilient infrastructure, including regional and trans-border infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all). The revolving facility underlines the overall development philosophy of Adani portfolio companies implemented through an in-house developed project excellence framework committed to the highest standard of due diligence covering all international standard Environment, Social and Governance (ESG) aspects, the company said in the statement. ATL said its business strategy is centered on achieving Sustainable Development Goals (SDGs) across all its activities. Sustainalytics has certified that ATL demonstrates its commitment to sustainability through its environmental strategy which is focused on building resilient infrastructure, achievement of operational excellence, and protection of ecological services, it said. (ANI)
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