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					</table><p>Adani Green Energy (<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">AGEL</a>), through its subsidiary Adani Solar Energy AP Six, has raised a project loan facility of ¥27.95 billion (~$205.31 million) to help refinance its debt.</p>
<p>The facility includes amortizing project loans, a 16-year debt structure with a door-to-door tenor of ten years and an average tenor of more than eight years.</p>
<p>It is supported by AGEL’s association with its two core relationship banks– <a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG Bank</a> and <a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation</a>, who acted as principal lenders for the facility with equal participation.</p>
<p>The facility is linked to a Japanese benchmark rate gauge &#8211; the Tokyo Overnight Average Rate, with close to zero yields, highlights the appeal to diversify the alternative capital pools providing relatively competitive interest rates.</p>
<p>Adani Green aims to have access to long-term capital without impacting its growth assets and continue to look at multiple alternative pools of capital like this one to fund its contribution to India’s clean energy transition.</p>
<p>The company stated that the refinancing facility is consistent with its strategy of securing long-term financing for establishing the debt structure in conformity with the underlying life for its operational assets.</p>
<p>Phuntsok Wangyal, CFO of Adani Green Energy, said, “The facility demonstrates AGEL’s pro-active and continued approach to access liquidity against the backdrop of a challenging interest rate environment in the broader markets, providing the long-term solution. With lower benchmark rate, lesser margin, and historically low swap rates, this provides significant flexibility and a competitively priced funding solution for AGEL’s high-grade renewable asset portfolio.”</p>
<p>Latham &amp; Watkins LLP and Cyril Amarchand Mangaldas acted as legal counsel for the transaction.</p>
<p>Adani Green Energy <a href="https://mercomindia.com/adani-greens-profits-up-50-yoy-in-q2-fy23/" target="_blank" rel="noopener">recorded</a> cash profits of ₹6.01 billion (~$73.98 million) in the second quarter of the financial year 2023, a 50% YoY increase, attributed primarily to the increased sale of power.</p>
<p>Early this year, the company also <a href="https://mercomindia.com/adani-green-to-receive-500-million-of-ihcs-2-billion-investment/" target="_blank" rel="noopener">received</a> an investment of $500 million from the Abu Dhabi-based public joint-stock company International Holding Company PJSC (IHC) out of the total investment of $2 billion in three of Adani Group’s companies.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Adani Green Raises a Yen-Denominated $205 Million Facility to Refinance Debt

<p>Mitsubishi UFJ Financial Group (<a href="https://www.mufg.jp/english/index.html" target="_blank" rel="noopener">MUFG</a>) has announced the completion of a five-year syndicated financing deal of $163 million for <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a>&#8216;s 300 MW solar project. The project is being developed in Rajasthan.</p>
<p>MUFG also acted as a lead manager, hedging bank, facility agent, and bank issuing line of credit. With this latest transaction, MUFG secured certification for a total renewable capacity of 2.6 GW over the past six months. The deal is also MUFG&#8217;s third renewable project financing, where it acted as a green structuring advisor.</p>
<p>Colin Chen, Head of ESG Finance for Asia-Pacific, MUFG, said, &#8220;Having played leadership roles in a string of renewable project financings in India, we are even more convinced of the exciting prospects in the country&#8217;s renewables sector. We look forward to further harnessing our project financing and ESG expertise to support India&#8217;s sustainability aspirations.&#8221;</p>
<p>In its investor’s presentation last year, Azure had noted that financing for 1,290 MW of its projects under construction projects including the Assam 1 (90 MW) and Rajasthan 6 (SECI 600 MW) projects have debt funding in place. Azure had said that they had a commitment from EDC, Societe Generale, and MUFG Bank for the debt funding of the Rajasthan 8 (SECI 300 MW) project, and financing documentation and due diligence were in process.</p>
<p>In March 2021, MUFG – with 11 other international banks – also <a href="https://mercomindia.com/adani-green-secures-1-35-billion-debt-financing/" target="_blank" rel="noopener">committed</a> $1.35 billion in debt package for Adani Green Energy&#8217;s under-construction renewable asset portfolio. It was one of the largest revolving project financing deals in the renewable sector in Asia. The finance facility would initially fund 1.69 GW of solar-wind hybrid projects being set up in Rajasthan.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">Mercom India Solar Project Tracker</a>, Azure has 2 GW of operational solar capacity and 950 MW in the pipeline.</p>
<p>As per Mercom&#8217;s <a href="https://mercomcapital.com/product/q1-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2021 Solar Funding and M&amp;A Report</a>, close to 7.4 GW of large-scale solar projects received funding in Q1 2021 with 67 investors that participated in deals. Announced large-scale project funding in Q1 came to $4.2 billion in 41 deals compared to $4.9 billion in 46 deals during Q4 2020. In a year-over-year comparison, $2.7 billion was raised in 31 deals in Q1 2020.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/azure-sells-non-core-rooftop-solar-radiance/" target="_blank" rel="noopener">reported</a> that independent solar power producer Azure Power Global had announced that it had signed a binding agreement to sell its non-core rooftop solar portfolio to Radiance Renewables for ₹5.36 billion (~$73.5 million).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Azure Power Secures $163 Million Debt Funding for its Solar Project from MUFG

<p>The National Thermal Power Corporation (NTPC), a government-owned power utility, has priced its second, rupee-denominated five-year masala bond offering for Rs.20 billion (~$311.5 million), in the international markets on April 25, 2017. In doing so, the state-run power generator became the only state-owned enterprise to tap the Masala Bonds market twice.</p>
<p>This is the eighth offering under the company’s $4 billion (~Rs.256.8 billion) Medium Term Note (MTN) program since it was set up in 2006, taking the cumulative amount raised under the program to nearly $3.46 billion (~Rs.222.16 billion).</p>
<p>Given NTPC’s strong credentials in the International Bond Market, the issue was oversubscribed with participation of more than 40 accounts. Based on the strong order book, the notes have been priced at a coupon of 7.25 percent payable annually.</p>
<p>The five-year senior unsecured masala bonds of NTPC have been issued at the lowest yield for any masala bond by an Indian issuer to date and have been priced within AAA Corporate Bonds of equivalent tenor in the domestic market.</p>
<p>The company intends to use the proceeds of the issue to finance its ongoing and new power projects within India. Axis Bank, Barclays Bank, ICICI, MUFG, and Standard Chartered Bank were the bookrunners for the offering. These bonds will be listed on the Singapore and London Stock exchanges.</p>
<p>Mercom <a href="https://mercomindia.com/ntpc-upsizes-medium-term-note-program-6-billion/" target="_blank" rel="noopener noreferrer">previously reported</a> that the NTPC recently upsized the MTN program to $6 billion (~385.5 billion). Mercom also reported, in March 2017, that the NTPC raised <a href="https://mercomindia.com/ntpc-raises-rs-20-billion-305-million-green-masala-bonds/" target="_blank" rel="noopener noreferrer">Rs.20 billion (~$305.47 million)</a> through the issuance of green masala bonds in the overseas market.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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NTPC Makes Second Bond Offering for $311.5 Million

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