Ahmedabad-based Adani Green Energy. 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.
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.
Bloomberg on Thursday reported that Adani Green’s founders plan to inject $1 billion equity into the company. This will give the firm room to raise more debt without worsening its credit metrics.
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