Adani Green Energy rose 1.56% to Rs 2,142.35 after the company through its subsidiary Adani Solar Energy AP Six raised 27,954 million Japanese Yen (JPY) denominated facility to refinance its existing indebtedness.
The project loan facility is supported by MUFG Bank, and Sumitomo Mitsui Banking Corporation with equal participation. Latham & Watkins LLP and Cyril Amarchand Mangaldas acted as legal counsels for the transaction.The company said that the facility is linked to Tokyo Overnight Average Rate (TONA), a Japanese benchmark rate gauge, which yields close to zero highlighting the appeal to broaden the alternative pools of capital providing relatively competitive interest rates.
Phuntsok Wangyal, CFO of Adani Green Energy said, This is an excellent result for AGEL, showing strong support from our lenders and demonstrates our ability to access bank debt at competitive terms in sync with the underlying asset development model to a provide long-term solution.
Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW). The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
The company's consolidated net profit jumped 49% to Rs 149 crore on 13.3% rise in revenue from operations to Rs 1,459 crore in Q2 FY23 over Q2 FY22.
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