Adani Green plans $1bn offshore loan, US bond in 2026

What is being planned and why it matters

Adani Green Energy Ltd. is exploring fresh offshore fundraising, with people familiar with the matter saying the company is seeking to raise as much as $1 billion through an overseas loan. The discussions are described as early-stage and would mark its first overseas borrowing since the company emerged from legal troubles in the US. In parallel, the Adani Group is also reviving plans to raise about $1 billion through a US-listed, dollar-denominated bond, again according to people familiar with the matter. If executed, the bond would be the first US-listed debt issuance by an Adani Group company. Together, the two tracks indicate a renewed attempt to access international capital after months of scrutiny linked to US legal and regulatory action.

Offshore loan talks: size, structure, and pricing reference

People familiar with the matter said Adani Green is in talks with lenders and advisers for a dollar loan of up to $1 billion. The borrowing may be raised in two tranches over the next three months, they said. The facility is expected to have a five-year tenor. Pricing is described as being over the benchmark Secured Overnight Financing Rate (SOFR). The sources asked not to be identified because the information is private. The company’s move is being watched because it would restart overseas borrowing after a period when fundraising became harder due to US-related legal overhangs.

A separate update: Adani Green’s reported $150 million offshore loan

In another fundraising development, Adani Green Energy is also reported to have signed a deal to raise around $150 million from a group of global lenders, according to people familiar with the matter in separate reporting. The lenders named were DBS Bank Ltd, DZ Bank, Rabobank, and Bank SinoPac Co Ltd. Proceeds were described as being used to refinance an existing debt. The tenor was reported as over five years, with an interest rate of around 8.20%. The same report noted the group had not issued an official statement on the loan at the time of reporting. This $150 million facility, if completed on the stated terms, would be the unit’s first foreign-currency loan since an indictment by the US Department of Justice.

US-listed bond revival: $1 billion plan returns to the table

Separately, people familiar with the matter said the Adani Group is reviving plans to raise about $1 billion through a US-listed, dollar-denominated bond. Early internal discussions and informal adviser consultations are underway, and Adani Green Energy is expected to carry out the potential issuance. The proceeds are intended for capital expenditure and refinancing needs, the people said. The discussions are framed as a possible route to rebuild funding momentum after months of pressure tied to US legal challenges. People familiar with the matter described the plan as not immediate, with fundraising potentially taking place over the next three to four quarters, or by early next year.

SEC settlement: $18 million agreement cited as a catalyst

The renewed bond planning comes after Gautam Adani and his nephew Sagar Adani agreed to pay a combined $18 million to settle US Securities and Exchange Commission allegations. The allegations related to claims that they made false and misleading representations about Adani Green Energy. People familiar with the discussions said the proposed settlement could help clear the way for the group to ramp up investment and capital-raising again. While the fundraising plans remain at the discussion stage, the settlement is being cited as a key factor in re-opening conversations with advisers and potential investors.

How proceeds may be used: capex and refinancing

People familiar with the bond discussions said proceeds would be used for capex and refinancing needs. In a separate fundraising context reported earlier, Adani Green units have marketed bonds where proceeds were intended to repay foreign-currency loans. One Reuters report cited Fitch as saying proceeds from a structured issuance would be used to refinance existing dollar-denominated construction loans at Adani Green subsidiaries. Another Reuters item said four subsidiaries of Adani Green planned to raise up to $1 billion through US dollar-denominated bonds with a 20-year maturity, in one or more tranches. The same reporting also pointed to the Adani Group potentially selling up to $1.5 billion of bonds by the end of February, mainly through Adani Green Energy and Adani Energy Solutions, including special purpose vehicles.

Recent refinancing milestones and earlier fundraising disruptions

Adani Green has also been active in refinancing via domestic channels, amid tighter access to offshore markets during the period of US scrutiny. In March, Adani Green refinanced a construction-linked loan for 92.61 billion rupees (about $1 billion) with India’s Power Finance Corporation Ltd, according to the information provided. Separately, Reuters reported that Adani Green raised $1.06 billion to refinance a renewable energy project’s 2021 debt facility, describing it as the company’s first major fundraise since a US indictment of top executives over an alleged bribery scheme. The company did not specify in that report whether the $1.06 billion was raised via a loan or dollar bonds. Another piece of information in the provided material says Adani Green Energy scrapped a $100 million dollar bond amid the US probe against Gautam Adani and Sagar Adani.

Market reaction: dollar bonds edged higher after the settlement news

The proposed SEC settlement was followed by gains in several Adani Group dollar bonds, according to the provided data. An Adani Green Energy note due in 2042 rose as much as 1.1 cent to 98.4. An Adani Ports and Special Economic Zone note due in 2041 gained 0.9 cent. Separately, one report headline noted Adani Green’s stock was up 3% as the offshore loan plan was reported. These moves reflect a shift in investor positioning after the settlement signal, though the fundraising plans themselves are still described as early-stage.

Key facts at a glance

Why this matters for funding access and execution risk

For Adani Green, the offshore loan and the potential US-listed bond address two related needs: maintaining liquidity for capex and managing refinancing as maturities approach. The plan to price an offshore loan over SOFR underscores that the company is looking at conventional global benchmarks for dollar funding. At the same time, a US-listed bond would be a step-change in visibility because it would be the first US-listed debt issuance by an Adani Group entity, based on the information provided. The material also indicates that timing remains flexible, with the bond described as a possible transaction that could be executed when market conditions and investor engagement are supportive. The next clear signpost will be whether discussions move from informal consultations to a formal launch process, including investor roadshows and pricing guidance, as referenced in the provided text.

Conclusion

Adani Green Energy is being linked to two offshore fundraising tracks: early talks for an offshore dollar loan of up to $1 billion and revived planning for a roughly $1 billion US-listed dollar bond. The renewed push follows a proposed SEC settlement involving Gautam Adani and Sagar Adani and comes alongside ongoing refinancing activity. For investors, the near-term focus will be on confirmation of structures, timelines, and the transition from discussions to formal execution steps over the coming quarters.