Adani Green Energy raises $750 million at 4.375%

Adani Green Energy (AGEL), stated that it priced its ListCo senior issue of $750,000,000 through a three year issuance at a fixed coupon 4.375%.

AGEL will use the funds to finance equity financing of the capex for its underlying renewable projects. AGEL is allowed to draw upto $1.700 million, including the current issuance, over the life of the structure. This is subject to the covenants. Moodys rated the notes as Ba3 (Stable).

AGEL had earlier in the year completed the tie up of a $1.35 Billion revolving construction framework arrangement to provide senior debt financing for construction stage projects. AGEL now has a fully-funded program for equity and debt for its stated goal of 25 GW by 2020, thanks to the $750 million ListCo issue.

Vneet Jaain, CEO and MD, AGEL said that the 4.7X oversubscription to this issuance is a testimony to the confidence of global investors and Adani’s ability set up a world-class clean energy business.

AGEL’s ListCo senior green Bond issuance marks another milestone transaction. It fully funds our pipeline and reinforces our commitment to being a global infrastructure platform that is sustainable. We are on track to grow our footprint further and become the largest renewable energy company in the world by 2030.

AGEL’s global renewable portfolio is one of the most extensive, with 15 GW (gigawatts) of projects under construction and awarded to investors-grade counterparties.

Consolidated net profit rose 895.45% to Rs 219.3 crore, based on 22.89% more total income to Rs 1,079 Crore in Q1 FY22 than Q1 FY21.

Current trade at Rs 1083 on BSE saw the scrip rise by 0.40%.

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