Adani Green Energy Ltd. is currently facing significant challenges due to concerns about its debt situation, particularly after its founder Gautam Adani was indicted by US prosecutors.

Refinancing is a critical issue for the company, as funding channels are expected to become tighter for the Adani Group. This could result in creditors limiting their exposure to the conglomerate.

Among the group, Adani Green Energy has the weakest liquidity and credit fundamentals, with around $2 billion in short-term debt primarily from project loans. The company recently canceled a planned $600 million bond sale that was intended to repay foreign-currency loans, which further complicates its financial position.

The Adani Group's dollar bonds have seen declines following the indictment, and allegations of involvement in a $250 million bribery scheme have exacerbated the situation.