On Thursday, Adani Green Energy Ltd said it had raised 27,954 billion yen (about Rs 1,630 crore) via its subsidiary Adani Solar Energy AP Six to refinance its existing debt.

The loan facility for the project is jointly supported by Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corporation, a company statement said.

Phuntsok Wangyal, CFO of Adani Green Energy, said: “This is an excellent result for AGEL, showing strong support from our lenders and demonstrating our ability to secure bank debt on competitive terms, in line with the underlying asset development model to provide a long-term solution. Latham & Watkins LLP and Cyril Amarchand Mangaldas acted as legal advisors on the deal.

The instrument, tied to Japan’s benchmark Tokyo Overnight Average Rate (TONA), yields near zero, underscoring the appeal of expanding pools of alternative capital that offer relatively competitive rates.