Adani Green Energy in talks to borrow $1.8 billion loan

Adani Green Energy, the renewable energy firm of Indian billionaire Gautam Adani, is in talks with a group of foreign lenders to borrow as much as $1.8 billion, according to people familiar with the matter.

The proceeds of the loan will be used to build new capacity in solar and wind projects, said the people, who asked not to be named because the matter is private.

The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc, they said. An Adani Group representative declined to comment.

The transaction is not complete and the terms may still change. If signed before the end of December, it would be one of the 20 largest major-currency loans in Asia this year, according to data compiled by Bloomberg.

The prospective loan comes a few weeks after Adani Group completed a $3.5 billion financing package to refinance debt used to buy Ambuja Cements Ltd. and ACC Ltd. to buy. a frightening onslaught of short sellers earlier this year caused some banks to hold back on debt refinancing.

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Updated: 02 November 2023, 08:37 PM IST

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