Adani Green raises $1.06 bn for debt refinance, first since US indictment

Adani Green Energy Ltd had earlier shelved its planned $600 million bond offering in November 2024 following the US indictment of key executives, including Chairman Gautam Adani

Adani Green Energy has refinanced its maiden construction facility, having outstanding debt of USD 1.06 billion with long-term financing, the company said in a regulatory filing on Monday. This is the first major fund raise by Adani Group since the US Department of Justice (DOJ) indicted its top executives, including Chairman Gautam Adani.

 

“AGEL has successfully refinanced its maiden Construction Facility with outstanding of $1.06 billion taken 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 door-to-door tenor of 19 years with fully amortised debt structure emulating the underlying asset life,” the release said.

 

 

Adani Green Energy has successfully concluded its capital management program for the underlying asset portfolio, securing long-term funding that aligns perfectly with the portfolio’s cash flow lifecycle, the company said in a statement. “The framework of this program provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration,” the company said.

 

Adani Green did not specify if it raised the amount via loan or dollar bonds for the project.

 

Adani Green had earlier shelved its planned $600 million bond offering in November 2024 following the indictment of key executives, including Chairman Gautam Adani, by the US Department of Justice (DOJ) on alleged bribery charges. The DOJ accused Adani and others of orchestrating payments to Indian government officials to secure solar energy contracts.

 

Adani Green’s bond turmoil

 

The bond issuance was cancelled shortly after pricing, amid escalating legal and regulatory challenges. This marked the second time in as many months that Adani Green had withdrawn a bond offering; an earlier attempt was shelved due to unfavourable market conditions.

 

The allegations led to a significant drop in the group’s US dollar bonds, reflecting investor concerns over governance and regulatory risks. In response to the charges, the Adani Group denied the allegations, stating that they are baseless and that all possible legal recourse will be sought. The group emphasised its commitment to maintaining high standards of governance, transparency, and regulatory compliance across all jurisdictions.

 

Adani Group planning to revive US investment plans

 

The Adani Group is reportedly planning to revive its investment plans in the United States, according to Financial Times. A major shift in US policy under US President Donald Trump may have contributed to Adani Group’s renewed interest in the American market. In early February 2025, Trump ordered a halt to FCPA enforcement, a move that industry observers believe could weaken the legal case against the Adani executives.