The lender is said to have offered a fixed rate loan for the full term with a commitment to hold it until maturity at the end of 19 years, said the people, who asked not to be identified because the information is not public.
The financing highlights the offshore fundraising challenges facing the Adani Group as it grapples with fallout among foreign investors in the wake of a probe by the US Department of Justice.
It also underscores the lender’s growing focus on expanding green energy portfolios as the country looks to slash carbon emissions. India, the world’s third-largest carbon emitter, needs $12.4 trillion in investment to achieve its goal of reaching net zero by 2070, according to BloombergNEF.
In January, PFC executed what was then its largest green financing agreement with Japan Bank for International Cooperation for ¥120 billion, or Rs 6,500 crore.
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Three rating companies rated the refinancing facility with a AA+ grade and a stable outlook, the borrower said in a release Monday.Power Finance Corporation and Adani Green did not immediately reply to emails seeking comment.
