Ahmedabad, March 3
Adani Green Energy Ltd (AGEL) on Monday announced it has refinanced $1.06 billion to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan -- achieving another milestone in its capital management journey.
India’s largest renewable energy company successfully refinanced its maiden construction facility with an outstanding amount of $1.06 billion taken in 2021.
The long-term financing raised to refinance its construction facility has a door-to-door tenor of 19 years, with a fully amortised debt structure emulating the underlying asset life, the company said in a statement.
On the back of the strong operational performance track record, the construction facility has been rated AA+/stable by three domestic rating agencies.
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 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,” said the company.