Adani Green Energy Secures $1.06 Billion Refinancing for Solar-Wind Project

Adani Green Energy Ltd (AGEL), a renewable energy company, announced on Monday that it has refinanced its $1.06 billion initial construction loan with long-term financing for a solar-wind hybrid renewable cluster in Rajasthan.

"AGEL has successfully refinanced its original $1.06 billion Construction Facility, taken in 2021, to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan," the company said. They also noted that the long-term financing, which refinances the construction loan, has a 19-year door-to-door term with a fully amortized debt structure that matches the asset's lifecycle.

AGEL currently boasts India’s largest operational renewable portfolio, with a capacity of 12.2 GW across 12 states. The company aims to reach 50 GW by 2030.
Last week, AGEL announced it had surpassed a significant milestone, exceeding 12,000 megawatts (MW) in its operational portfolio.

AGEL is the first and only renewable energy company in India to achieve this feat. Its portfolio now totals 12,258.1 MW, comprising 8,347.5 MW of solar, 1,651 MW of wind, and 2,259.6 MW of wind-solar hybrid capacity.

"With this breakthrough, AGEL has completed its capital management program for the underlying asset portfolio, which involves securing long-term facilities that are perfectly aligned with the cash flow lifecycle of that portfolio",  AGEL added in the press statement.

The company also highlighted that the program's framework provides significant benefits, including broad access to various capital sources and the ability to secure substantial long-term funding. The refinancing facility has received an AA+/Stable rating from three domestic rating agencies: ICRA, India Ratings, and CareEdge Ratings.