A key credit metric of Ltd. that ballooned as the firm’s billionaire-owner took on more will show a pull back in leverage, according to Holdings Inc.

The Abu Dhabi-based International Holding Co. has injected $500 million into Gautam Adani’s green company, which will help stabilize its debt-to-capital ratio in the low 60% range from 95.3% at the end of March, said Eric Liu, credit desk analyst at Holdings in Hong Kong.

IHC’s support “will be reflective when the company unveils its second quarter balance sheet details,” Liu said, noting that the infusion of funds shows Adani Green’s equity-raising capability. IHC has invested almost $2 billion in total in three owned by Adani. Second quarter financial results are expected around November.

The Adani conglomerate has committed to invest a total of $70 billion by 2030 across its green energy value chain to become the world’s largest renewable energy producer. That makes Adani a key player in India’s quest to become carbon net-zero by 2070.

Still, Adani Green is one of the most leveraged in the tycoon’s empire, with Asia’s second-worst debt-to-equity ratio of 2,021%.

Though Liu said the Adani Group’s aggressive expansion is a “negative overhang for credit investors as much of the M&A recently has been debt-funded,” he noted that the conglomerate has demonstrated prowess at locking down external investors to shore up capital.

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