Adani Green Energy Redeems $750M Bonds to Boost Growth

Adani Green Energy Ltd (AGEL) has redeemed $750 million worth of bonds, fulfilling a commitment announced in January. This strategic move aligns with the company's commitment to long-term growth and asset development. AGEL's operational capacity has tripled to 11.2 GW since the issuance of the bonds in September 2021.

Adani Green Energy Ltd (AGEL), the renewable energy division of the conglomerate led by billionaire Gautam Adani, announced on Monday the redemption of $750 million worth of bonds. This is part of the company's strategy to reduce business leverage.

The company confirmed in a statement that it has completed the redemption of all outstanding $750 million 4.375% Holdco Notes, which were due on September 8, 2024. This move follows AGEL's January plan to redeem the notes eight months before their due date.

Initially issued in September 2021, the Holdco Notes were pivotal in supporting AGEL's growth, with its capacity surging more than three-fold from 3.5 GW to 11.2 GW, marking a 48% compounded annual growth rate. The redemption plan involved various funding sources including reserves, internal accruals, a joint venture with TotalEnergies Renewables, and a preferential issue of warrants.

(With inputs from agencies.)