ADANI GREEN RAISES $750 MN VIA GREEN BONDS

Adani Green Energy (AGEL) on Thursday said it 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.

AGEL will use the proceeds to fund the equity portion of the capital expenditure for under-construction renewable projects. Under the structure, AGEL can draw up to $1.7 billion (including the present issuance) over the course of time subject to the covenants of the structure, it said. The notes were rated Ba3 (stable) by Moody’s.

Earlier in the year, AGEL 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 programme for both debt and equity for its stated target of 25 Gw by 2025, the company said.

“The 4.7X oversubscription of this issuance is a testimony of the confidence of global investors in the world’s fastestgrowing renewable energy platform and Adani’s capability to set up a world-class clean energy business,” said Vneet S Jaain, managing director and chief executive of AGEL.

Jaain said AGEL was on track to become the world’s largest renewable energy firm by 2030. In one of the largest deals in renewable energy in India, AGEL acquired the portfolio of SB Energy at the enterprise value of $3.5 billion in May.