Adani Green announces redemption plan for USD 750 million Holdco bond

Ahmedabad (Gujarat) [India], January 8 (ANI): Adani Green Energy Limited on Monday announced the redemption plan for its USD 750 million 4.375 notes due on September 9, 2024, to boost investors' confidence.
According to a release, the Adani Group company said the outstanding amounts of the Holdco Notes shall be fully secured through cash balances set aside as part of various reserve accounts, eight months before the maturity.
The redemption plan for the Holdco Notes includes:
Amounts in the Reserve Accounts and Internal Accruals - USD 169 million (including Debt Service Reserve Account, Hedge Reserves & Interest on Reserve Account).
TotalEnergies 1,050 MW JV Consideration - USD 300 million, the transaction closed on 26 December 2023, and the funds are already lying in the Senior Debt Redemption Account (SDRA) of the Holdco notes.
Proceeds from the Initial tranche of the Promoter Preferential Allotment - ~USD 281 million, (USD equivalent of INR 2,338 crores), expected at the end of January 2024, and the funds shall be deposited into the Senior Debt Redemption Account (SDRA) of the Holdco notes.
As a result, the entire amount of the USD 750 million Holdco Notes is fully secured eight months before its maturity date.
"With this outcome, AGEL has fully defeased the Holdco Notes, eight months before the maturity date and has further resulted in significant deleveraging in AGEL by way of equity proceeds while continuing to deliver on the growth plans."
"Underpinning the repayment is the successful equity capital raise program of USD 1.425 billion (includes USD 1.125 billion of preferential issuance by promoters and USD 300 million from TotalEnergies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL's strategic priorities of achieving its target of 45 GW by 2030."
AGEL is India's largest renewable energy solutions partner, playing a vital role in enabling the clean energy transition.
The company develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. With an operating renewable portfolio of 8.4 GW spread across 12 states, AGEL is currently the largest renewable energy developer in India, offsetting over 41 million tonnes of CO2 emissions cumulatively. (ANI)