**Adani Green Energy Achieves Key Milestone in Capital Management**
Adani Green Energy Ltd (AGEL), the largest renewable energy company in India, announced on Monday that it has reached a significant milestone in its capital management journey. The company successfully refinanced its inaugural Construction Facility, which had an outstanding amount of USD 1.06 billion, initially secured in 2021 for the development of India’s largest solar-wind hybrid renewable cluster in Rajasthan.
AGEL emphasized that the long-term financing raised for this refinancing has a total tenor of 19 years, featuring a fully amortized debt structure that aligns with the asset’s lifespan. This achievement marks the completion of AGEL’s capital management program for its underlying asset portfolio, which focuses on obtaining long-term facilities that correspond with the cash flow lifecycle of the portfolio.
The framework of this program offers substantial advantages by providing deep access to diverse capital sources, allowing the company to secure significant funding over extended periods. This strategy not only bolsters financial stability but also positions AGEL to maintain its growth trajectory and deliver sustainable value to its stakeholders.
In light of its strong operational performance, AGEL noted that the refinancing facility has received an AA/stable rating from three domestic rating agencies: ICRA, India Ratings, and CareEdge Ratings. This milestone signifies the successful completion of the capital management program for the asset portfolio, which has been a crucial driver of AGEL’s sustained growth and is essential for achieving its long-term objectives.
As India’s largest and one of the leading renewable energy companies globally, AGEL is committed to facilitating the clean energy transition. The company develops, owns, and operates utility-scale grid-connected solar, wind, hybrid, and hydro pumped storage renewable power plants. Currently, AGEL boasts an operating renewable portfolio of 12.2 GW, the largest in India, distributed across 12 states. The company aims to reach a target of 50 GW by 2030, in line with India’s decarbonization goals, while focusing on leveraging technology to reduce the Levelized Cost of Energy (LCOE) to promote the widespread adoption of affordable clean energy.
