Adani Green in discussions for $ 400 mn offshore loan

11 Apr 2024 CW Team

Adani Green Energy is reportedly in discussions to secure approximately $400 million via an offshore loan for an upcoming renewable project.

The conglomerate's unit is reportedly negotiating with a consortium of banks, including Mitsubishi UFJ Financial Group Inc., First Abu Dhabi Bank PJSC, Standard Chartered Bank, and Sumitomo Mitsui Financial Group Inc.

The fundraising indicates that the Adani Group is gradually regaining investors' trust following the scrutiny it faced last year from US shortseller Hindenburg Research.

In its first dollar-denominated public bond sale since the crisis, the conglomerate received orders worth seven times the deal size last month. Additionally, in December, Adani Green secured a $1.4 billion loan from a consortium of banks.

Sharon Chen, a credit analyst at Bloomberg Intelligence, noted last month that India's focus on infrastructure, which is expected to continue if Prime Minister Narendra Modi is re-elected in upcoming elections by May, could lead to increased bond supply from the sector.

India aims to nearly triple its clean energy capacity by the end of the decade, mainly through solar and wind projects, as part of its efforts to decarbonize its economy driven by fossil fuels. The nation plans to invest $ 30 billion in constructing transmission lines to connect green power to the grid.

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