Adani Green Energy Limited (AGEL) has fully redeemed all outstanding $750 million or 4.375 per cent Holdco Notes. This information was given by Adani Green Energy Limited (AGEL). In January 2024, the Adani Group company announced that the Holdco Notes would be fully backstopped through a redemption reserve account. This is done eight months before the date of redemption of Holdco Notes on maturity to comply with the guidelines.
The statement given by the company said that three-year Holdco Notes were issued in September 2021. The company’s high growth rate has been supported by the Holdco Notes issued. Adani Green Energy’s renewable energy capacity has tripled from 3.5 GW to 11.2 GW in the last three years. This growth in renewable energy capacity has been recorded at a compound annual growth rate (CAGR) of 48 percent.
The company further said that Adani Green Energy Limited has shown rapid growth and the company is redeeming the notes through cash, where it could also have been redeemed through refinancing.
The company further said that the capital expenditure to achieve 50 gigawatts of renewable energy capacity by FY 2030 can be easily funded by the company through strong cashflow through operational assets and construction facility framework agreement.
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In December 2023, AGEL’s promoters agreed to subscribe to preferential warrants worth Rs 9,350 crore. Out of these, Rs 7,013 crore ($835 million) of funds will be used to meet the capital expenditure of Adani Green Energy.
The management of the company aims to create long-term value through asset development and is working accordingly. The company has a strong base of operational assets capable of supporting under-construction development.
Currently, AGEL has an operational renewable portfolio of 11.2 GW spread across 12 states in India.