Adani Green Energy to raise $400 million via offshore loan: Report
Mumbai: Adani Green Energy Ltd. is currently involved in discussions to secure around $400 million via an overseas loan, as part of its efforts to finance an upcoming renewable project, media reports said
According to Bloomberg, the foreign currency loan may span from seven to ten years, with its pricing likely tied to the Secured Overnight Financing Rate.
Bloomberg reported citing anonymous sources that the company, a subsidiary of billionaire Gautam Adani's conglomerate, is negotiating with a consortium of banks, which includes Mitsubishi UFJ Financial Group Inc., First Abu Dhabi Bank PJSC, Standard Chartered Bank, and Sumitomo Mitsui Financial Group Inc.
This fundraising initiative underscores the Adani Group's ongoing efforts to regain investor trust, following last year's targeting by US shortseller Hindenburg Research.
In a positive sign, the conglomerate recently received orders amounting to seven times the size of its inaugural dollar-denominated public bond sale since the crisis.
Further, in December, Adani Green secured a $1.4 billion loan from a consortium of banks.
India is aiming to nearly triple its clean energy capacity by the decade's end, primarily through solar and wind projects.
In this direction, the country is taking steps to decarbonize its fossil fuel-dependent economy.
India plans to invest $30 billion in constructing transmission lines to facilitate the integration of green energy into the grid.
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