On Thursday, Adani Green Energy Ltd. (AGEL) said that it had raised $750 million to completely fund its under-construction pipeline’s equity requirements.
According to the business, the fully-funded channel will be the world’s largest renewable energy platform by 2030.
Adani Green Energy announced in a statement that it raised $750 million in its first ListCo senior offering through a three-year 144A/Reg S issuance with a fixed yield of 4.375 per cent.
Following successful distributions by its subsidiaries RG1 and RG2 in 2019, ListCo, Adani Green Energy, issued its maiden bond. The offering was 4.7 times oversubscribed, according to Adani Green Energy.
“The 4.7X oversubscription of this issuance demonstrates global investors’ confidence in the world’s fastest-growing Renewable Energy platform and Adani’s potential to establish a world-class clean energy business,” said Vineet S Jain MD & CEO of AGEL.
“This ListCo Senior Green Bond issuance is yet another watershed moment for AGEL, as it completely supports our pipeline of projects and reaffirms our commitment to being a global infrastructure platform focused on sustainability.”
Adani Green Energy now has a $3.5 billion order book. As per the corporation, the order book is made up of “Real Money Investors” from all over the world, with 48 per cent from Asia, 28 per cent from Europe, the Middle East, and Africa, and 24 per cent from North America.
“Under the terms of the structure, AGEL can borrow up to $1,700 million (including the current issuance) over some time, subject to the structure’s covenants.
The cash raised will be used to fund equity funding of Capex for underlying renewable projects now under construction, according to the company. Moodys assigned the notes a Ba3 (Stable) rating. In an official statement, Adani Green Energy stated.
Adani Green Energy previously announced the completion of a $1.35 billion revolving construction framework agreement for senior debt financing of development stage projects.
With the $750 million ListCo issuance, the company said it has completed the final phase of its capital management plan and now has a fully-funded debt and equity
