Adani Green Energy Ltd (AGEL), India's largest renewable energy company, has stated that it had refinanced its first construction facility, which had an outstanding debt of $1.06 billion with long-term financing.

In its regulatory filing today, the company stated that it has successfully refinanced its maiden Construction Facility with outstanding of $1.06 billion taken in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan. The long-term financing raised to refinance its Construction Facility has door-to-door tenor of 19 years with fully amortized debt structure emulating the underlying asset life. With this breakthrough, AGEL has successfully completed its capital management programme for the underlying asset portfolio, which involves securing long-term facilities that are perfectly aligned with the cash flow lifecycle of that portfolio.

The statement goes on to say the framework of this programme provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration. This approach not only enhances financial stability but also ensures AGEL’s ability to continue its growth trajectory and deliver sustainable value creation to its stakeholders. The refinancing facility has received a rating of AA+ Stable from three domestic rating agencies —ICRA, India Ratings, and CareEdge Ratings.

This is the first major fund raised by the Adani Group since the US Department of Justice (DOJ) indicted its top executives, including Chairman Gautam Adani. 

However, it is not clear if Adani Green raised the amount via loan or dollar bonds for the project.