Adani Green fully redeems $750m holdco notes

These increased the company's capacity to 11.2 GW.

Adani Green Energy Ltd (AGEL) has successfully redeemed its $750 million 4.375% holdco notes, as previously announced in January. The company had set aside a fully funded redemption reserve account to ensure timely payment upon maturity.

Issued in September 2021, the three-year Holdco Notes have supported AGEL’s growth objectives. During the period, the company’s capacity has increased from 3.5 gigawatts (GW) to 11.2 GW, registering a compounded annual growth rate of 48%.

AGEL said its capital management philosophy has remained focused on long-term value creation through asset development. It also emphasises the structured approach to accomplish credit metrics similar to investment grade profile for its underlying debt capital raise programme. 

“With surplus cash from operating assets augmenting the under-construction projects’ requirement, AGEL’s overall capex [capital expenditure] programme remains fully funded,” the company said.

“In addition, AGEL’s promoters had agreed, in December 2023, to subscribe to a preferential warrant amounting to INR 9,350 crore, out of which, INR 7,013 crore ($835m equivalent) shall be available with AGEL to fund any accelerated capital expenditure requirements,” it added.

AGEL aims for 50 GW of renewable energy capacity by 2030.