Adani Green News: Adani Green raises Rs 1,630 crore through subsidiary | News Bharat

Adani Green Energy Ltd on Thursday said it has raised ¥27,954 million (about Rs 1,630 crore) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness.

The project’s credit facility is backed by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, the company said in a statement. Latham & Watkins LLP and Cyril Amarchand Mangaldas acted as legal advisors on the transaction.

“This is an excellent result for AGEL, which shows strong support from our lenders and demonstrates our ability to access bank debt on competitive terms in sync with the underlying asset development model to provide a long-term solution,” said Phuntsok Wangyal, Finance Director, Adani Green Energy in a press release.

The facility is linked to the Tokyo Overnight Average Rate (TONA), a Japanese interest rate benchmark that yields close to zero, underscoring the attractiveness of expanding alternative capital pools providing relatively competitive interest rates, it said.

Source link