Adani Green Energy raises Rs 612.30 crore for debt refinancing

Adani Green Energy raises Rs 612.30 crore for debt refinancing

Ahmedabad, February 4, 2022

Three subsidiaries of Adani Green Energy Ltd (AGEL) – Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd and Parampujya Solar Energy Pvt Ltd, collectively housing 930 MW of operational solar power projects – have raised Rs 612.30 crore by their maiden domestic bond issuance, on private placement basis.

The rated, listed, secured, redeemable, non-convertible debentures (NCDs) of face value of Rs 10,00,000 each, in multiple series, have an average annualized coupon rate of 7.83% p.a. (fixed) and a tenure up to ~12 years. The proceeds from the NCDs will be utilised to part-refinance existing rupee term loan bearing higher interest cost, a press release from AGEL said.

The NCDs are rated AA/Stable by CRISIL Limited and AA(CE)/Stable by India Ratings. They will be listed on the Wholesale Debt market segment of BSE Limited, it said.

“Optimization of the cost of borrowing is key to our capital management programme and this transaction reinforces the company’s strategy,” said Vneet S Jaain, MD & CEO of Adani Green Energy Ltd. “We are encouraged by the robust support from the finance community, which recognises the strength of the company’s business model and our capital management approach. We could manage this fund raising at favorable terms. This puts the company on a more solid platform for long-term growth.”

"The success of the domestic debt market issue will open up a new source of funding, allowing for more flexibility in capital structure while also lowering interest costs," the release added.

AGEL is a part of the Adani Group and has one of the largest global renewable portfolios with an overall portfolio of 20.3 GW1 including operating, under-construction, awarded and assets under acquisition catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.

Listed in 2018, AGEL is today a $ 40 billion market cap company helping India meet its COP21 goals. Mercom Capital, the US-based think tank, recently ranked the Adani Group as the #1 global solar power generation asset owner.


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