Adani Green redeems $750-mn bonds

New Delhi: Adani Green Energy Ltd (AGEL), the renewable energy arm of the ports-to power conglomerate run by billionaire Gautam Adani, on Monday said it has redeemed $750 million worth of bonds as it deleverages business.In a statement, the firm said it has completed “redemption of all outstanding $750 million or 4.375 per cent of Holdco Notes due on September 8, 2024.” The move is in step with its January announcement of a plan to redeem the $750 million worth of notes, eight months ahead of the redemption date. Issued in September 2021, the three-year Holdco Notes supported AGEL’s high-growth objectives.During the period, AGEL’s capacity has increased more than three-fold - from 3.5 gigawatt (GW) to 11.2 GW, registering a CAGR (compounded annual growth rate) of 48 per cent.

The company had in January stated it would pay $169 million from its reserves and internal accruals, and $300 million from the consideration from a joint venture with TotalEnergies Renewables. The remaining $281 million was to come from the initial tranche from a preferential issue of warrants. That funding was completed with the receipt of the funds under the preferential allotment of Rs9,350 crore ($1.12 billion) to the promoters of the company.