Adani Green to Raise $500 Million Through Green Bonds
Bonds will be listed on Singapore Exchange Securities Trading Limited and India International Exchange Limited
June 3, 2019
Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, has announced it will raise $500 million through green bonds.
The bonds will be listed on the Singapore Exchange Securities Trading Limited (SGX- ST) and India International Exchange (IFSC) Limited.
The proceeds will be utilized to repay its respective external commercial borrowing loans, and the balance of the net proceeds for capital expenditure, other project related liabilities or for on-lending to other subsidiaries of the company.
The settlement date of the green bonds will be June 10, 2019, and the maturity date will be December 10, 2024. The bonds will bear interest from (and including) June 10, 2019, to (but excluding) December 10, 2024, at the rate of 6.25% per annum, payable semi-annually in arrears on June 10 and December 10 in each year.
The first payment of $15,625,000 (representing six months’ and one day’s interest on the total principal amount of $500 million) will be made on December 10, 2019.
Mercom recently reported that AGEL’s financial statement shows that for FY 2019, its revenue stood at ₹20.58 billion ($295 million) from the earlier ₹14.8 billion ($212 million), up 39% year-over-year (YoY). While just in the fourth quarter, the revenues saw a rise of 68% compared to the same quarter of 2018.
Earlier, AGEL had announced the acquisition of a 51% equity share capital in Kodangal Solar Parks Private Limited (KSPPL), comprising a 20 MW solar project which was incorporated back in August 2015.
Last year, Adani Green had incorporated a wholly owned subsidiary company Adani Wind Energy (GJ) Limited (AWEGL). It also acquired a 100% stake of Adani Green Energy Pt Ltd (AGEPteL) from its Group firm Adani Global Pt Ltd. The purpose of the acquisition of AGEPteL is to make it an investment arm of Adani Green Energy for international renewable businesses. AGEPteL was incorporated in March 2017 for investment in foreign markets.
According to Mercom’s India Solar Project Tracker, AGEL has installed solar PV capacity of 1,938 MW and 1,115 MW of solar PV projects under various stages of development.
Saumy Prateek
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