Adani Green refinances $1.06 billion construction facility
Adani Green Energy Ltd (AGEL), India’s largest renewable energy company, announced today that it has refinanced its $1.06 billion maiden construction facility with long-term financing. The facility, originally secured in 2021, was used to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan.
The shares of Adani Green Energy Ltd (AGEL) were trading at ₹761.85 down by ₹12.55 or 1.62 per cent on the NSE today at 10.07 am.
The new refinancing arrangement features a 19-year door-to-door tenor with a fully amortized debt structure designed to match the underlying asset lifecycle. Three domestic rating agencies—ICRA, India Ratings, and CareEdge Ratings—have assigned an AA+/Stable rating to the facility.
This refinancing completes AGEL’s capital management program for the underlying asset portfolio, which aims to secure long-term facilities aligned with the portfolio’s cash flow lifecycle. The company claims this approach provides benefits through access to diverse capital pools and secures large sums with long duration.
AGEL currently operates a 12.2 GW renewable portfolio across 12 Indian states and has set a target of achieving 50 GW by 2030. The company is developing what it describes as the world’s largest renewable energy plant at Khavda, Gujarat, spanning 538 square kilometers.
The refinancing represents a strategic move to enhance AGEL’s financial stability as it continues its growth trajectory in the renewable energy sector.
