Ahmedabad: Adani Green Energy Ltd (AGEL) announced on Monday that it has successfully completed the redemption of all outstanding $750 million Holdco Notes (4.375%) through a fully-funded redemption reserve account. Issued in September 2021, the three-year Holdco Notes played a key role in supporting AGEL’s high-growth objectives.
In January 2024, the company had set up a redemption reserve account to ensure the full repayment of the Holdco Notes upon maturity, in compliance with applicable guidelines. The notes were initially used to accelerate AGEL’s growth, which saw the company’s capacity surge from 3.5 GW to 11.2 GW, representing a compounded annual growth rate (CAGR) of 48%.
“AGEL has now achieved its accelerated growth plan and is redeeming the notes through cash rather than refinancing,” the company said in a statement, citing strong cash flows from operational assets as the primary driver for the repayment.
Looking ahead, AGEL remains on track to achieve its ambitious target of 50 GW renewable energy capacity by FY30. The company’s capex program is fully funded, backed by both operational cash flows and a construction facility framework.
In addition to operational cash flows, AGEL’s promoters agreed in December 2023 to subscribe to a preferential warrant of ₹9,350 crore, with ₹7,013 crore (approximately $835 million) allocated to fund accelerated capital expenditure.
AGEL’s renewable portfolio, currently the largest in India with an operational capacity of 11.2 GW, spans 12 states. The company’s capital management strategy remains focused on long-term value creation, solidifying its position as a leader in the renewable energy sector.
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