Adani Green Energy Ltd, the renewable energy arm of Gautam Adani’s conglomerate, has disclosed its plan to raise $409 million through US dollar-denominated bonds aimed at repaying an impending debt obligation. According to a regulatory filing, the bond will span a period of 18 years from inception to maturity.
The company specified that the raised funds will primarily be allocated to redeem the $500 million 6.25 percent senior secured notes due in 2024. These notes were initially issued on June 10, 2019. Additionally, three subsidiaries of Adani Green Energy Twenty-three Ltd, a unit of AGEL, will act as co-issuers for the bond issuance.
AGEL boasts a significant portfolio comprising 20,844 MW of operational and under-execution projects dedicated to solar energy electricity generation.
Separately, Fitch Ratings said it has the proposed bond issue an expected rating of ‘BBB-(EXP)’. “The Outlook is…
