Adani’s $409 Million Green Bond Issue Receives Over $3 Billion Bids

The bond issue was oversubscribed seven times

March 5, 2024


Adani Green Energy’s $409 million 18-year tenor green bond offer was oversubscribed seven times, receiving bids for over $3 billion.

The bonds will bear interest from March 12, 2024, to March 12, 2042 at the rate of 6.7%.

The bonds will be listed on the India International Exchange (INX).

The proceeds from the bond issue will be utilized to redeem the $500 million, 6.25% senior secured notes issued by Adani Green in 2019.

The bonds were issued by Adani Green Energy (UP), Parampujya Solar Energy, and Prayatna Developer, all subsidiaries of Adani Green Energy.

In 2021, Adani Green raised $750 million by issuing its maiden senior green bond.

In December 2023, Adani Green said it would raise ₹93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, which include Ardour Investment Holding and Adani Properties, at a share price of ₹1,480.75 (~$17.80) per share. The funds are meant to help reduce the company’s debt and accelerate capital expenditure to achieve the 45 GW renewable capacity target by 2030.

In the same month, the company announced a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat.

Meanwhile, Adani Green said in a bourse filing that Adani Green Energy Twenty Four A and Adani Green Energy Twenty Four B, wholly-owned step-down subsidiaries, have operationalized an incremental 448.95 MW of solar power projects at Khavda.

With this, an aggregate of 1,000 MW of solar power projects have been operationalized at Khavda. The company’s total operational renewable generation capacity has increased to 9,478 MW.

These projects will commence the sale of power generated from March 5, 2024.

In February, the company operationalized an aggregate of 551 MW of solar projects at Khavda.