Adani Green Energy has refinanced its first construction facility, which had an outstanding debt of USD 1.06 billion, with long-term financing, the company announced in a regulatory filing on Monday. This is Adani Group's first major funding round since the US Department of Justice (DOJ) indicted its top executives, including Chairman Gautam Adani.
"AGEL has successfully refinanced its maiden Construction Facility with an outstanding balance of $1.06 billion, which was taken out in 2021 to develop India's largest solar-wind hybrid renewable cluster in Rajasthan. The long-term financing raised to refinance its construction facility has a door-to-door tenor of 19 years and a fully amortized debt structure that replicates the underlying asset life," according to the release.
Adani Green Energy has completed its capital management program for the underlying asset portfolio, securing long-term funding that is perfectly aligned with the portfolio's cash flow lifecycle, according to a company statement. "The framework of this program provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration," according to the business.
Adani Green did not specify whether the funds were raised through loans or dollar bonds for the project.
Adani Green had previously canceled its planned $600 million bond offering in November 2024 following the US DOJ's indictment of key executives, including Chairman Gautam Adani, on alleged bribery charges. The Department of Justice accused Adani and others of orchestrating payments to Indian government officials in order to secure solar energy contracts.
Adani Green’s bond turmoil
The bond issuance was canceled shortly after pricing due to escalating legal and regulatory concerns. This was Adani Green's second bond offering withdrawal in as many months, following an earlier attempt that was halted due to unfavourable market conditions.
The allegations led to a significant drop in the group's US dollar bonds, raising investor concerns about governance and regulatory risks. In response to the charges, the Adani Group denied the allegations, claiming that they are false and that all legal options would be pursued. The organization emphasized its dedication to maintaining high governance, transparency, and regulatory compliance across all jurisdictions.
Adani Group plans to revive US investment plans
The Adani Group is reportedly considering reviving its investment plans in the United States. A significant shift in US policy under President Donald Trump may have influenced Adani Group's renewed interest in the American market. In early February 2025, Trump ordered a halt to FCPA enforcement, which industry observers believe could weaken the legal case against the Adani executives.
