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.”

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