Adani Power seeks 80bn rupees in debt to fund expansion

Adani Power, India’s largest private thermal power producer, plans to raise 80 billion rupees ($836 million) through local debt markets this year to fund expansion, according to people familiar with the matter.

The fundraising includes 50 billion rupees of public debt and around 30 billion rupees of loans from a group of lenders led by State Bank of India, the people said, asking not to be identified as the information is private.

The loan’s tenor may range from two-to-five years, and the company is also looking to raise funds in portions through bilateral deals with large domestic institutions for up to 10 years, the people said.

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The fundraising will help the company diversify its borrowing sources and lock in longer-term financing, the people said, as India’s electricity demand remains elevated.

Adani Power aims to expand generation capacity to 41 870 megawatt by the fiscal year ending in 2032, up from a little over 18,000 megawatts at present, according to an investor presentation.

Spokespersons for the Adani Group and the State Bank of India did not immediately reply to Bloomberg’s queries seeking comment.

Earlier in January, Adani Power raised 75 billion rupees via local bonds after a gap of nearly nine years. The company is also planning to issue bonds to individuals in the next few months, said the people.

Local arm of S&P, Crisil Ratings assigned an AA grade to Adani Power, citing a strong market position with a diversified portfolio of coal-based power plants across geographies.

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