 "Adani Green Energy")
Adani Green Energy (AGEL) said it has raised $750 million via green bonds through a three-year issuance at a fixed coupon of 4.375 per cent. The issuance was oversubscribed by 4.7 times, said the company in a statement.
“The funds shall be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL. Under the structure, AGEL can draw up to $1,700 million (including the present issuance) over the course of time subject to the covenants of the structure,” AGEL said.
The notes were rated Ba3 (Stable) by Moody’s.
AGEL earlier in the year completed the tie-up of a $1.35 billion revolving construction framework arrangement for senior debt funding of construction stage projects.
With this $750 million ListCo issuance, AGEL has completed the final phase of its capital management plan, and now has a fully funded program for both debt and equity for its stated target of 25 GW by 2025, the company said.
“We expect to further accelerate our footprint and are firmly on track to become the world’s largest renewable energy company by 2030. The 4.7x oversubscription of this issuance is testimony of the confidence of global investors in the world’s fastest growing Renewable Energy platform and Adani’s capability to set up a world class clean energy business,” said Vneet S Jaain, MD and CEO, AGEL.
In one of the largest deals in renewable energy in India, Adani Green Energy Ltd (AGEL) has acquired the portfolio of SB Energy at the enterprise value of $3.5 billion (Rs 25,574 crore approximately), in May this year. With this acquisition, AGEL will achieve a renewable capacity of 24.3 Gw and an operating renewable capacity of 4.9 Gw, making it the largest renewable energy company in the country.
