Adani Green Energy Ltd has signed an agreement to raise about $250 million from a group of international lenders, marking the renewable energy firm’s first foreign-currency loan since the United States Department of Justice unsealed an investigation that touched the wider Adani conglomerate.
The loan, arranged with four banks — DBS Bank Ltd, DZ Bank AG, Rabobank and Bank SinoPac Co— is intended to refinance existing debt and support working capital needs, according to market reports.
The facility is structured for roughly five years and carries an indicative interest rate near 8.2 percent, though final pricing and documentation remain subject to customary conditions precedent.
The lenders and Adani Green did not provide immediate public comment. Market observers said the deal is notable because several international banks had previously weighed pausing fresh credit to Adani businesses after the U.S. legal developments, and the agreement signals that some lenders remain prepared to provide offshore financing on commercially acceptable terms.
The loan follows a series of legal and reputational challenges for the broader Adani Group that began with allegations and a U.S. criminal indictment unsealed in November 2024 alleging bribery and related misconduct in connection with solar contracts.
U.S. prosecutors widened their review in 2024 to examine whether senior executives were involved in improper payments related to energy projects; the company has denied wrongdoing and said it would cooperate with legal processes.
The U.S. move drew criticism in some quarters for its potential diplomatic and economic consequences. Commentators in the American press argued the Department of Justice action risked undermining economic collaboration and trust at a sensitive geopolitical juncture.
Those views were reflected in opinion pieces and commentary, and at least one U.S. congressman publicly questioned the Justice Department’s approach, warning of possible harm to bilateral ties.
Analysts said the successful placement of the loan may indicate a selective reopening of offshore funding channels for parts of the Adani group where lenders can quantify and price legal and reputational risks.
When the U.S. charges were first announced, Adani Group companies experienced sharp share price falls and higher scrutiny from investors and counterparties, prompting several partners to reassess or pause arrangements pending clarity on the legal process.
The new facility therefore both responds to existing refinancing needs and tests market appetite for further international funding for the group.
Whether this transaction leads to a sustained return to offshore borrowing for Adani subsidiaries will depend on final documentation, evolving legal proceedings in the United States and the degree of commercial comfort among international banks.
Market participants said lenders would continue to monitor legal, regulatory and reputational developments closely before extending additional credit to borrowers associated with ongoing investigations.
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