Adani Green Energy Ltd (AGEL), the biggest renewable energy firm in India, revealed on Monday that it has reached another significant milestone in its Capital Management Journey.
The firm announced that it has effectively refinanced its initial Construction Facility with a remaining USD 1.06 billion acquired in 2021 to establish India's largest solar-wind hybrid renewable cluster in Rajasthan. It further emphasized that the long-term funding acquired to refinance its Construction Facility has a total tenor of 19 years with a fully amortized debt structure reflecting the asset life.
Through this achievement, AGEL has effectively finalized its capital management initiative for the underlying asset portfolio, which includes obtaining long-term arrangements that are fully in sync with the cash flow lifecycle of that portfolio. The structure of this program offers substantial advantages by granting extensive access to various capital sources, ensuring considerable amounts with extended timeframes.
This strategy not only improves financial stability but also ensures that AGEL can maintain its growth path and produce sustainable value for its stakeholders. Building on a solid history of operational performance, the company further noted that the facility has received an AA/stable rating from three domestic rating agencies. The refinancing facility has been assigned an AA/Stable rating by three local rating agencies—ICRA, India Ratings, and CareEdge Ratings.
This achievement marks the conclusion of the capital management initiative for the underlying asset portfolio. This strategic initiative has been demonstrated to be the primary driver of AGEL's continuous growth and is essential for attaining its long-term growth goals.
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