Adani Green Energy raises $750 million to fund equity of under construction projects

By: |
September 03, 2021 2:00 AM

Earlier this year, the power producer had completed the tie-up of a $1.35 billion revolving credit facility for debt funding of its construction stage projects.

“With this $750 million ListCo issuance, Adani Green has completed the final phase of its capital management plan, and now has a fully funded programme for both debt and equity for its stated target of 25GW by 2025,” the company said. (Representative image)“With this $750 million ListCo issuance, Adani Green has completed the final phase of its capital management plan, and now has a fully funded programme for both debt and equity for its stated target of 25GW by 2025,” the company said. (Representative image)

Adani Green Energy (AGEL) has raised $750 million through its maiden ListCo senior issuance under the 144A/Reg S format. The format allows issuers to broaden their investor base and to access large, highly capitalised US institutional investors in the private placement market.

The renewable power producer said that the funds will be utilised to finance the equity part of the capex for underlying renewable under construction projects. “Under the structure, AGEL can draw upto $1,700 million or $1.7 billion (including the present issuance) over the course of time subject to the covenants of the structure,” the company said.

Earlier this year, the power producer had completed the tie-up of a $1.35 billion revolving credit facility for debt funding of its construction stage projects.

“With this $750 million ListCo issuance, Adani Green has completed the final phase of its capital management plan, and now has a fully funded programme for both debt and equity for its stated target of 25GW by 2025,” the company said.

The joint lead managers (JLMs) for the issuance were Axis Bank, Barclays, BNP Paribas, DBS Bank, Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank.

The notes were rated Ba3 (stable) by Moody’s and were oversubscribed by 4.7 times.

Adani Green has around 19.8GW of projects, under various stages of operation, under-construction, awarded and assets under acquisition catering to investment-grade counterparties, according to the company.

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