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.”
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