Adani Green completes funding of reserves for USD 750 million Holdco Bond

AHMEDABAD: Adani Green Energy (AGEL) has completed the funding for the USD 750 million 4.375 notes due September 9, 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of Rs 9,350 crore to the promoters of the company, thereby boosting investors' confidence, the Adani Group company said in a release on Monday. The shareholders of AGEL, approved the preferential allotment with overwhelming 99.9 per cent majority on January 18, 2024 and thereafter the promoters funded Rs 2,338 crore (USD 281 million) primary infusion into AGEL last week.

AGEL has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, post which the funding of the reserves has been completed.

With the above, the entire bond redemptions are fully set aside in the respective accounts by way of term fixed deposits which can be utilised only for the redemption of the Holdco Notes. The Adani Group said in the release that underpinning the repayment was the successful equity capital raise program of USD 1.425 billion (includes USD 1.125 billion of preferential issuance by promoters and USD 300 million from Total Energies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL's strategic priorities of achieving its target of 45 GW by 2030.

AGEL is India's largest renewable energy solutions partner, playing a vital role in enabling the clean energy transition. AGEL develops, owns, and operates utility-scale grid-connected solar, wind and hybrid renewable power plants. With a locked-in growth trajectory up to 20.6 gigawatt (GW), AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.