Adani Greens comes up with cashback redemption plan
Gujarat: Adani Green Energy Limited (AGEL) today announced the redemption plan of US$750 million 4.375 notes due September 9, 2024 (Holdco Bonds). The outstanding amount of the Holdco Notes will be fully secured, eight months prior to maturity, through cash balance amounts set aside as a part of various reserve accounts securing the Holdco Notes.
Adani Green Redemption Plan for Holdco Bonds
1- Amount in reserve accounts and internal sources – 169 million US dollars. (With Debt Service Reserve Account, Hedge Reserve and Interest on Reserve Account)
2- Total Energies 1,050 MW JV Consideration – US$300 million, transaction closes on 26 December 2023, and funds already held in Senior Debt Redemption Account of Holdco Notes (SDRA).
3- Proceeds from the initial tranche of Promoter Preferential Allotment – US $281 million, (equivalent to USD Rs 2,338 crore), expected at the end of January 2024, and the funds will be deposited in the Senior Debt Redemption Account (SDRA) of the Holdco Notes.
4- Total amount- 750 million US dollars
As a result, US $750 million of Holdco Notes are being fully secured eight months before their maturity date. With this, AGEL has fully redeemed the Holdco Notes eight months prior to the maturity date and has also undertaken significant deleveraging through equity proceeds while it pursues growth plans going forward.
The repayment is based on a successful equity capital raising program of US $1.425 billion (consisting of preferential issuance of US $1.125 billion by the promoters and US $300 million from the Total Energies JV), towards achieving its target of 45 GW by 2030. reflects the strong promoter commitment as well as the keen interest of long-term investors and strategic partners, to meet AGEN’s strategic priorities.
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Information about Adani Green Energy Limited
Adani Green Energy Limited (AGEL) is India’s and the world’s largest renewable energy solutions partner enabling the clean energy transition. AGEN develops, owns and operates utility-scale grid-connected solar, wind and hybrid renewable energy plants. With a locked-in development path of upto 20.6 gigawatt (GW), AGEN currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, cumulatively amounting to 41 million tonnes. More than offsets CO2 emissions.
AGEN is credited with developing several landmark renewable energy power plants, the latest of which is the world’s largest wind-solar hybrid power cluster of 2,140 megawatts (MW) in Jaisalmer, Rajasthan. The company aims to achieve 45 GW by 2030 in line with India’s decarbonization goals. AGEN focuses on leveraging technology to reduce levelized cost of energy (LCOE) to enable large-scale adoption of affordable clean energy. AGEN’s operating portfolio is certified ‘Water Positive’, ‘Single Use Plastic Free’ and ‘Zero-Waste to Landfill’ for plants with capacity above 200 MW, a testament to the company’s commitment to promoting sustainable growth. There is proof. For more information please visit www.adanigreenenergy.com.
