Adani Green Energy Ltd (AGEL), India's s India’s largest and one of the leading renewable energy companies in the world, is in focus on Monday morning after the Adani group firm said it has refinanced its $1.06 billion maiden construction facility with long-term financing, achieving a major milestone in its capital management journey.
AGEL said it refinanced its maiden construction facility, which was instrumental in developing the largest solar-wind hybrid renewable cluster in Rajasthan. This long-term financing represents door-to-door tenor of 19 years with fully amortised debt structure and is perfectly aligned with the cash flow lifecycle of the underlying asset portfolio, the Gautam Adani-led firm said.
"This breakthrough serves as completion of the capital management program for the underlying asset portfolio. This strategic program has proven to be the main catalyst for AGEL’s sustained growth and is vital to achieving its long-term growth objectives," Adani Green Energy said.
AGEL 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. Adani Green said the framework of this program provides a 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," Adani Green said.
The Adani group firm noted that the refinancing facility has received a rating of AA+/Stable from three domestic rating agencies—ICRA, India Ratings, and CareEdge Ratings.
AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid and hydro pumped storage renewable power plants. AGEL currently has an operating renewable portfolio of 12.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India’s decarbonisation goals.