"Billionaire Adani’s green unit plans to raise $2 billion via debt next year"

"Billionaire Adani’s green unit plans to raise $2 billion via debt next year"

• By Staff Writer

Ahmedabad-based Adani Green Energy Ltd. is exploring various instruments including private placement of debt, offshore bank loans as well as dollar and rupee bonds, the people said, asking not to be identified as the talks are private. The firm is in discussions with global financial institutions for the fundraising that is likely to start in early 2024, they added.

"Billionaire Gautam Adani’s renewable energy unit is planning to raise at least $2 billion in mostly new debt next year, people familiar with the matter said, as it capitalizes on renewed confidence among creditors in its ambitious expansion plans"

A representative for the Adani Group didn’t offer any immediate comments on the company’s plans for raising debt.

Deliberations are ongoing and details of the fund raising, including size, could still change, the people said."

The company, which has a target of 45 gigawatts of clean energy capacity by 2030, has a board meeting on Dec. 26 to consider fundraising options.

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Adani Green is hoping to tap into potential upside in the global bond market — the US Federal Reserve is expected to cut interest rates next year — as well as diversify its funding sources, said one of the people"