Adani Green raises Rs 1,630 crore through subsidiary

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

The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, a company statement said. Latham & Watkins LLP and Cyril Amarchand Mangaldas acted as legal counsels for the transaction.

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


The facility is linked to Tokyo Overnight Average Rate (TONA), a Japanese benchmark rate gauge, which yields close to zero highlighting the appeal to broaden the alternative pools of capital providing relatively competitive interest rates, it said.