Adani Green debt refinance solar wind hybrid Rajasthan 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 Ltd (AGEL) has raised $1.06 billion to refinance a renewable energy project's 2021 debt facility, 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 amortized debt structure emulating the underlying asset life," the release said. 

 

"With this breakthrough, AGEL has successfully completed its capital management program 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 program provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration," it added. 

 

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 DOJ on alleged bribery charges. The DOJ accused Adani and others of orchestrating payments to Indian government officials to secure solar energy contracts.

 

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 This marked the second time in as many months that Adani Green had withdrawn a bond offering; an earlier attempt was shelved due to unfavourable market conditions.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.