Adani Green Energy Ltd (AGEL), through its unit 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 includes a ¥27,954 million (equivalent to US$200 million) amortizing project loan.
MUFG Bank and Sumitomo Mitsui Banking Corp. acted as primary lenders to the facility.
“The 16-year debt structure with a 10-year door-to-door maturity and an average term of more than 8 years on the instrument provides an extended maturity,” AGEL said. “The refinancing facility is consistent with AGEL’s strategy of securing long-term financing, establishing a debt structure in line with the underlying asset life for its operating assets.”
Latham & Watkins and Cyril Amarchand Mangaldas are acting as legal advisers on the transaction.
Phuntsok Wangyal, CFO of Adani Green Energy, said: “The facility demonstrates AGEL’s proactive and consistent approach to accessing liquidity against a challenging interest rate environment in the wider markets, providing a long-term solution. With a lower reference rate, tighter margin and historically low swap rates, this provides significant flexibility and a competitively priced financing solution for AGEL’s high-quality portfolio of renewable assets.”
This content is copyrighted and may not be reused. If you would like to collaborate with us and want to reuse some of our content, please contact: [email protected]