Adani Green Refinances $1.06 Billion for Solar-Wind Project
Adani Green Energy Ltd (AGEL) has refinanced $1.06 billion to build India's largest solar-wind hybrid renewable cluster in Rajasthan, in a significant step in its capital management strategy.
The refinancing assumes AGEL's initial construction facility borrowed in 2021, now restructured as a 19-year long-term debt facility. This amortizing structure mirrors the asset life cycle, ensuring long-term financial stability. The facility has been given a AA+/stable rating by three local rating agencies, which reflects AGEL's stable operational performance.
"This approach not only reinforces financial robustness but also guarantees the sustainability of AGEL's growth trajectory and to deliver sustainable value creation to stakeholders," the company added.
Through this refinancing, AGEL has completed its program of capital management of the underlying asset portfolio by accessing differentiated sources of long-duration capital. This approach positions the company to drive India's renewable energy sector.
AGEL owns a 12.2 GW renewable portfolio across 12 states the biggest in India and plans to achieve 50 GW by 2030 to aid India's decarbonization strategy. AGEL recently achieved over 12,000 MW of operational capacity with the commissioning of a 275 MW solar plant at the Khavda renewable energy facility in Gujarat, the biggest in the world.
AGEL has commissioned a total capacity of 2,824.1 MW at Khavda alone.
Its 12,258.1 MW capacity is divided into 8,347.5 MW of solar, 1,651 MW of wind, and 2,259.6 MW of hybrid capacities.
With astute management of capital and increasing its clean energy presence, AGEL continues to mold India's green energy tomorrow, further reinforcing its leadership position as a pace-setter of sustainable development.
