AGEL 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
Renewable energy company Adani Green Energy Ltd (AGEL) announced that it has raised $750 million to finance its under-construction projects through the sale of green bonds.
“Under the structure, AGEL can draw up to $1,700 million (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moodys,” the company said in a statement.
The joint lead managers (JLMs) to the issuance were Axis Bank, Barclays, BNP Paribas, DBS Bank Ltd, Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank.
“In line with the Adani Group’s energy mix transition, AGEL has grown rapidly and has consistently demonstrated the strength of the company’s clean energy business model and its commitment to global benchmarks of ESG. It follows the guiding principles of United Nation Sustainable Development Goals, United Nation Global Compact and the Science Based Targets Initiative,” the statement said.
With the latest bond sale, AGEL 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 statement said.
France’s Total has invested $2.5 billion for acquiring a 50% stake in 2.35GW operating solar assets of AGEL and a 20 percent stake in AGEL. With 19.8GW portfolio, the Adani-Total JV plans to commission 25GW by 2025.
This comes in the backdrop of market regulator Securities and Exchange Board of India (Sebi) making Business Responsibility and Sustainability Reporting (BRSR) mandatory from 2022-23 for the top 1,000 listed firms. These disclosures are voluntary this year.
The copany recently made several acquisitions, including buying Japan’s SoftBank Group Corp. and Bharti Enterprises Ltd-owned solar power producer SB Energy India for an enterprise value of $3.5 billion. SB Energy India has a total renewable portfolio of 4.954 gigawatts (GW) spread across four states in India.
