Adani Green raises $200 million in Japanese Yen-denominated refinancing facility


Adani Green Energy Ltd (AGEL), through its arm Adani Solar Energy AP Six, has raised a Japanese yen-denominated facility to refinance its existing debt for 350 MW of solar projects in the Indian state of Andhra Pradesh. The facility comprises JPY 27,954 million (equivalent to $200 million) amortizing project loan.

MUFG Bank and Sumitomo Mitsui Banking Corp. acted as principal lenders for the facility.

“The 16-year debt structure with a door-to-door tenor of 10 years and average tenor of more than 8 years of the facility provides elongated tenor,” AGEL stated. “The refinancing facility is consistent with AGEL’s strategy of securing long-term financing establishing the debt structure in conformity to underlying asset life for its operational assets.”

Latham & Watkins and Cyril Amarchand Mangaldas acted as legal counsels for the transaction.

Phuntsok Wangyal, CFO of Adani Green Energy, said, “The facility demonstrates AGEL’s pro-active and continued approach to access liquidity against the backdrop of a challenging interest rate environment in the broader markets, providing the long-term solution. With lower benchmark rate, lesser margin, and historically low swap rates, this provides significant flexibility and a competitively priced funding solution for AGEL’s high-grade renewable asset portfolio.”


This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: