Adani Green Energy Ltd (AGEL), the renewable energy arm of the ports-to power conglomerate run by billionaire Gautam Adani, on Monday said it has redeemed USD 750 million worth of bonds as it deleverages business.
In a statement, the firm said it has completed “redemption of all outstanding USD 750 million 4.375 per cent Holdco Notes due on September 8, 2024.”
The move is in step with its January announcement of a plan to redeem the USD 750 million worth of notes, eight months ahead of the redemption date.
Issued in September 2021, the three-year Holdco Notes supported AGEL’s high-growth objectives. During the period, AGEL’s capacity has increased more than three-fold – from 3.5 gigawatt (GW) to 11.2 GW, registering a CAGR (compounded annual growth rate) of 48 per cent.
The company had in January stated it would pay USD 169 million from its reserves and internal accruals, and USD 300 million from the consideration from a joint venture with TotalEnergies Renewables. The remaining US
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