Adani Energy raises JPY 27.9 billion to refinance debt

Adani Energy

HQ Team

December 1, 2022: Adani Green Energy has raised a JPY 27.9 billion ($200 million) loan from two Japanese banks to refinance its existing debt.

The loan was raised through its subsidiary Adani Solar Energy AP Six and funded by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation.

The loan facility is linked to Tokyo Overnight Average Rate (TONA), a Japanese benchmark rate gauge, according to a BSE filing.

“The company is committed to having access to long-term capital without depleting its growth capital and will continue to look at multiple alternative pools of capital to have the sustainable funding solution to spearhead India’s energy transition,” the filing stated.

The deal showed “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 Mr Phuntsok Wangyal, CFO of Adani Green Energy.

“With lower benchmark rate, lesser margin and historical 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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