Adani Green Energy Secures $1.06 Billion for Debt Refinancing

Consultants Review Team

Adani Green Energy has successfully refinanced its inaugural construction facility, securing long-term financing for an outstanding debt of $1.06 billion. The company announced the refinancing in a regulatory filing on Monday, marking the first major fundraise for the Adani Group since the US Department of Justice (DOJ) indicted its top executives, including Chairman Gautam Adani.

In its statement, Adani Green Energy said, "AGEL has successfully refinanced its maiden Construction Facility with an outstanding debt of $1.06 billion, taken in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan. The long-term financing raised to refinance this construction facility has a door-to-door tenor of 19 years, with a fully amortized debt structure mirroring the asset’s life".

The company also highlighted the success of its capital management strategy for its underlying asset portfolio. This program secured long-term funding that is well aligned with the portfolio’s cash flow lifecycle. "The framework of this program provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration", the statement added.

Reviving US Investment Plans Amid Policy Shifts
Despite these challenges, the Adani Group is reportedly looking to revive its investment plans in the United States, as reported by the Financial Times. A significant shift in US policy under President Donald Trump may have played a role in this renewed interest. In early February 2025, Trump ordered a halt to the Foreign Corrupt Practices Act (FCPA) enforcement, which industry observers believe could weaken the legal case against the Adani executives.

Adani Green did not disclose whether the $1.06 billion was raised through loans or dollar bonds. However, it was noted that the funds are intended to support the company’s major renewable energy project in Rajasthan, which is part of the Adani Group’s ambitious green energy strategy.

Earlier, Adani Green had planned to raise $600 million through a bond offering in November 2024, but it was cancelled following the DOJ indictment of the company’s executives on charges of bribery related to solar energy contracts with the Indian government.