Adani Green Energy Raises $750 Mln At 4.375% – EQ Mag Pro
Adani Green Energy (AGEL) said that it has priced its ListCo senior issuance of $750 million through a three-year issuance at a fixed coupon of 4.375%.
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 upto $1,700 million (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moodys.
Earlier in the year, AGEL had 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.
Vneet S Jaain, MD and CEO, AGEL, said: 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.
This ListCo senior green Bond issuance is yet another landmark transaction for AGEL and fully funds our pipeline of projects and reinforces our commitment towards being a sustainability focused global infrastructure platform. We expect to further accelerate our footprint and are firmly on track to become the world’s largest renewable energy company by 2030.
AGEL has one of the largest global renewable portfolios with 15 GW (giga-watts) of operating, under-construction and awarded projects catering to investment-grade counterparties.
The company’s consolidated net profit soared 895.45% to Rs 219 crore on a 22.89% jump in total income to Rs 1,079 crore in Q1 FY22 over Q1 FY21.
Source: Capital Market
