Adani Green Energy Ltd (AGEL), India's largest renewable energy company, has made a significant stride in its capital management strategy by successfully refinancing its $1.06 billion maiden construction facility with long-term financing. This move marks a crucial milestone for the company, potentially enhancing its financial flexibility and reducing short-term debt obligations.

Strategic Refinancing

The refinancing deal, announced on March 3, 2025, involves the company's maiden Construction Facility, which was initially taken in 2021 to develop India's largest solar-wind hybrid renewable cluster in Rajasthan. The new long-term financing structure boasts impressive features:

• A door-to-door tenor of 19 years
• A fully amortized debt structure
• Alignment with the cash flow lifecycle of the underlying asset portfolio

Enhanced Financial Stability

This refinancing achievement represents the completion of AGEL's capital management program for the underlying asset portfolio. The long-term nature of the financing is expected to provide several benefits to the company:

1. Improved financial stability
2. Enhanced ability to pursue growth opportunities
3. Better alignment of debt structure with asset lifecycles

Strong Credit Rating

In a testament to the company's operational performance and the strength of this refinancing deal, the facility has received a rating of AA+/Stable from three domestic rating agencies:

• ICRA
• India Ratings
• CareEdge Ratings

This high rating underscores the financial community's confidence in AGEL's business model and future prospects.

Implications for Growth

The successful refinancing sets the stage for AGEL's future growth. As part of its ambitious plans, the company has set a target of achieving 50 GW of renewable energy capacity by 2030, aligning with India's decarbonization goals.

Currently, AGEL operates a renewable portfolio of 12.2 GW, the largest in India, spread across 12 states. The company is also developing what it claims to be the world's largest renewable energy plant (30 GW) on barren wasteland at Khavda, Gujarat, covering an area five times larger than Paris.

Commitment to Sustainability

Beyond financial metrics, AGEL has demonstrated a strong commitment to sustainability:

• Its operating portfolio is certified 'water positive' for plants of more than 200 MW capacity
• The company has achieved 'single-use plastic free' status
• AGEL maintains a 'zero waste-to-landfill' policy

These certifications reflect AGEL's dedication to powering sustainable growth and minimizing environmental impact.

As Adani Green Energy continues to strengthen its financial position and expand its renewable energy portfolio, it remains a key player in India's transition to clean energy. The successful refinancing of its construction facility not only improves the company's financial health but also reinforces its capacity to contribute significantly to India's renewable energy landscape.

Adani Green Energy Limited (AGEL) has announced a significant milestone in its renewable energy portfolio expansion. The company's wholly-owned stepdown subsidiary, Adani Green Energy Twenty Five B Limited, has successfully operationalized a solar power project with a capacity of 83 megawatts (MW) at Khavda, Gujarat.

Project Details

The new solar power plant, which commenced operations on March 1, 2025, marks another step forward in AGEL's commitment to expanding its renewable energy footprint. The project's operationalization was officially decided at 10:26 AM on the same day, as per the company's regulatory filing.

Impact on Total Capacity

With the addition of this 83 MW project, Adani Green Energy's total operational renewable generation capacity has now increased to 12,341.1 MW. This enhancement underscores the company's ongoing efforts to strengthen its position in the renewable energy sector.

Capacity Overview

Strategic Location

The choice of Khavda, Gujarat, for this project is strategic, given the state's favorable conditions for solar power generation. Gujarat has been at the forefront of India's renewable energy push, and this project further cements its status as a key hub for solar energy production.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, Adani Green Energy Limited promptly informed the BSE Limited and the National Stock Exchange of India Limited about this development. The timely disclosure reflects the company's commitment to transparency and adherence to regulatory standards.

Conclusion

The operationalization of this solar project demonstrates Adani Green Energy's execution capabilities and its focus on expanding its renewable energy portfolio. As the world increasingly shifts towards cleaner energy sources, such projects play a crucial role in India's transition to a more sustainable energy landscape.

This latest addition to AGEL's operational capacity is expected to contribute to the company's goal of achieving substantial renewable energy generation, aligning with both national and global clean energy objectives.