Adani Green Energy Ltd (AGEL) said on Thursday it has raised a Japanese Yen (JPY) denominated facility to refinance its debt. The facility comprises JPY 27.9 billion ($200 million) amortising project loan facility, assessing the 16-year debt structure with door-to-door tenor of 10 years and average tenor of more than 8 years, said a company statement.
The fund was raised through AGEL subsidiary Adani Solar Energy AP Six Private Ltd. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation.
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