New Delhi, March 3: Adani Green Energy Ltd (AGEL), India’s leading renewable energy developer, announced on Monday that it has successfully refinanced its maiden construction facility, totaling USD 1.06 billion, through long-term financing. This significant financial restructuring aligns perfectly with the lifecycle of AGEL’s underlying renewable assets, strengthening the company's financial foundation and sustainability initiatives.
The refinanced construction facility, originally initiated in 2021, was instrumental in developing India’s largest solar-wind hybrid renewable energy cluster located in Rajasthan. This strategic refinancing arrangement carries a door-to-door tenor of 19 years with a fully amortized debt structure, precisely matching the lifespan of the renewable energy assets.
With the completion of this refinancing, AGEL has effectively concluded its capital management strategy for this asset portfolio, marking an essential milestone. This approach facilitates deep and diverse access to long-term capital sources, crucial for AGEL’s continued growth and capacity expansion.
Strong Credit Ratings Affirm AGEL's Financial Stability
Highlighting the strength and credibility of this refinancing facility, three prominent domestic rating agencies—Icra, India Ratings, and CareEdge Ratings—have unanimously awarded it a robust AA+/Stable rating. This underscores investor confidence in AGEL's strong asset quality and prudent financial management practices.Advancing India’s Renewable Energy Ambitions
AGEL continues to demonstrate industry leadership by operating India's largest renewable energy portfolio, currently standing at 12.2 GW spread across 12 states. The company's ambitious roadmap aims to expand its renewable capacity to 50 GW by 2030, directly aligning with India's national decarbonization objectives.By securing this refinancing, AGEL reinforces its commitment to sustained growth, robust financial health, and stakeholder value creation, further cementing its position at the forefront of India’s renewable energy revolution.
