Adani Green Energy (AGEL) has completed a long-term refinancing of $1.06 billion (~₹92.56 billion) for developing wind-solar projects in Rajasthan.

This company’s maiden construction facility entails a door-to-door tenor of 19 years with a fully amortized debt structure aligned with the cash flow lifecycle.

The refinancing for the project was done by Power Finance Corporation.

The refinancing aims to provide benefits through deep access to diverse pools of capital to secure large sums for a long duration.

The loan facility with an outstanding of $1.06 billion was secured in 2021 and was significant in developing Rajasthan’s wind-solar hybrid renewable cluster.

AGEL has an operating renewable energy portfolio of 12.2 GW spread across 12 states. It is also developing a 30 GW renewable energy project in Khavda, Gujarat, covering 538 sq km. The company targets achieving 50 GW renewable energy capacity by 2030.

In 2024, AGEL secured a $400 million (~₹34.92 billion) green loan for its under-construction 750 MW solar projects in Rajasthan and Gujarat from a consortium of five international banks. The funding was secured for a 500 MW project developed in Rajasthan with the Solar Energy Corporation of India and a 250 MW standalone merchant power project implemented at Gujarat’s Khavda renewable energy cluster.

AGEL posted an 84% year-over-year growth in net profit for the third quarter of the financial year 2025, reaching ₹5.43 billion (~$62.79 million) from ₹2.95 billion ($34.11 million).

The company emerged as one of the top utility-scale solar project developers in the first half of the calendar year 2024, according to Mercom’s newly released India Solar Market Leaderboard 1H 2024. The company topped the list with a market share of 29.3%.

Solar debt financing activity reached $16.7 billion in 68 deals, a 4% increase from the $16 billion raised in 54 deals during the same period in 2023, according to 9M and Q3 2024 Solar Funding and M&A Report by Mercom Capital Group.