Adani Green Energy (AGEL) on Monday said it has refinanced its maiden construction facility, with outstanding of $1.06 billion taken in 2021, to develop a solar-wind hybrid renewable cluster in Rajasthan.
The long-term financing has door-to-door tenure of 19 years with fully amortised debt structure emulating the underlying asset life, the company said.
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With this, AGEL has completed its capital management programme for the underlying asset portfolio, which involves securing long-term facilities that are perfectly aligned with the cash flow lifecycle of that portfolio.
The framework of this programme provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration, the company said.
“This approach not only enhances financial stability, but also ensures AGEL’s ability to continue its growth trajectory and deliver sustainable value creation to its stakeholders,” the company said.
The refinancing facility has received a rating of AA+/Stable from three domestic rating firms – ICRA, India Ratings and CareEdge Ratings.
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Last week, AGEL said it has surpassed a record 12,000 megawatt (MW) of operational portfolio, the first and only renewable energy company in the country to achieve the feat.
AGEL’s 12,258.1-MW portfolio consists of 8,347.5 MW solar, 1,651 MW wind and 2,259.6 MW wind-solar hybrid capacity.
The milestone underscores AGEL’s commitment to deliver 50,000 MW of green power by 2030, the company said.
Shares of Adani Green on Monday closed up 3.93% at Rs 804.50 on the BSE.
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