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Adani Green to raise $409 mn bonds to repay loan

February 27, 2024 21:12 IST

Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani's conglomerate, plans to raise $409 million through US dollar-denominated bonds to repay a debt obligation falling this year.

Gautam Adani

Photograph: PTI Photo from the Rediff Archives

In a regulatory filing, the company said the bond will have a door-to-door tenor of 18 years.

The proceeds will be used to redeem the $500 million 6.25 per cent senior secured notes due 2024, it said adding these notes were issued on June 10, 2019.


Three subsidiaries of Adani Green Energy Twenty-three Ltd, a unit of AGEL, are co-issuers.

AGEL has a portfolio of 20,844 MW of operational and under execution projects to produce electricity from solar energy.

Separately, Fitch Ratings said it has the proposed bond issue an expected rating of 'BBB-(EXP)'. "The Outlook is Stable."

"The company plans to use the proposed US dollar notes to refinance its five-year bullet $500 million senior secured notes due 2024.

"The proposed notes will have security and protective structural features similar to the existing bullet notes," it said.

The proposed notes will be issued in part by each of the three subsidiaries - Adani Green Energy (UP) Ltd, Parampujya Solar Energy Pvt Ltd and Prayatna Developer Pvt Ltd.

"The issuers directly own operating assets and are not merely lenders to the operating entities, unlike other rated issuance from most Indian" restricted groups," Fitch said.

"The final rating is contingent upon the receipt of final bond documents conforming to information already received."

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale and Standard Chartered Bank as joint bookrunners to arrange a series of fixed income investor meetings in Asia, the Middle East, Europe and the United States starting February 28.

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