Adani Green Energy Ltd (AGEL), India’s largest renewable energy company and a global leader in the sector, is in the spotlight on Monday morning after announcing the successful refinancing of its $1.06 billion maiden construction facility with long-term financing. This marks a significant milestone in AGEL’s capital management strategy.
The Adani Group firm stated that the refinancing of its initial construction facility played a key role in developing India’s largest solar-wind hybrid renewable cluster in Rajasthan. The newly secured long-term financing has a door-to-door tenor of 19 years, featuring a fully amortized debt structure that aligns seamlessly with the cash flow lifecycle of the asset portfolio.
“This milestone signifies the completion of the capital management program for the underlying asset portfolio. This strategic initiative has been a driving force behind AGEL’s consistent growth and is crucial for achieving its long-term objectives,” the company said.
AGEL originally secured the $1.06 billion construction facility in 2021 to support the development of its large-scale solar-wind hybrid renewable cluster in Rajasthan. The company highlighted that this refinancing program offers substantial benefits, including deeper access to diverse capital sources and the ability to secure large funding with extended durations.
“This approach not only strengthens financial stability but also ensures AGEL’s continued growth trajectory and commitment to delivering sustainable value for stakeholders,” the company added.
The refinancing facility has been awarded a prestigious AA+/Stable rating by three domestic rating agencies—ICRA, India Ratings, and CareEdge Ratings.
AGEL specializes in developing, owning, and operating utility-scale renewable energy projects, including solar, wind, hybrid, and hydro-pumped storage power plants. With an existing operational renewable energy portfolio of 12.2 GW across 12 states, AGEL aims to expand its capacity to 50 GW by 2030, in line with India’s decarbonization goals.
