Adani Green Energy fully redeems USD 750 Mn Holdco Notes

Adani Green Energy Ltd (AGEL) completes redemption of all outstanding USD 750 million 4.375% Holdco Notes due on 8 September 2024. This follows AGEL’s announcement, in January 2024, to fully backstop the Holdco Notes through a fully funded redemption reserve account maintained eight months prior to the redemption date to facilitate full redemption of Holdco Notes upon maturity in compliance with applicable guidelines.

Issued in September 2021, the three-year Holdco Notes have supported AGEL’s high-growth objectives. During the period, AGEL’s capacity has increased more than three-fold — from 3.5 GW
to 11.2 GW, registering a CAGR (compounded annual growth rate) of 48%. AGEL’s overall capital management philosophy has remained focused on long-term value creation through asset development and positioned AGEL as a self-propelled growth engine. It also emphasizes the structured approach to accomplish credit metrics akin to investment grade profile
for its underlying debt capital raise program. With this, AGEL is committed to having capital market issuances tailored for long-term infra asset class supported through the predictable and robust cashflow stream to attain long curve emulating underlying asset life.

Over the years, the Capital Management Plan has matured to allow AGEL to have a ‘seasoned’ portfolio with a superior operational asset base supporting the under-construction development.
With surplus cash from operating assets augmenting the under-construction projects’ requirement, AGEL’s overall capex program remains fully funded with such operational assets cashflows and the available construction facility pool. In addition, AGEL’s promoters had agreed, in December 2023, to subscribe to a preferential warrant amounting to INR 9,350 Cr, out of which, INR 7,013 Cr (USD 835 million equivalent) shall be available with AGEL to fund any accelerated capital expenditure requirements.

AGEL thanks its investors and lenders for their confidence and its vendor partners, including Adani Infra (India) Ltd and Adani Infra Management Services Ltd, for their continuous support in achieving the accelerated growth plan, putting AGEL on track to achieve 50 GW of renewable energy capacity by 2030.

About Adani Green Energy Ltd

Adani Green Energy Ltd (AGEL) is India’s largest renewable energy company and one of the world’s leaders in enabling the clean energy transition. AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid, and hydro pumped storage renewable power plants. AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030, aligned to India’s decarbonization goals. AGEL is focused on leveraging technology to reduce the Levelized Cost of Energy (LCOE) in pursuit of enabling large scale adoption of affordable, clean energy. AGEL’s operating portfolio is certified ‘water positive for plants of more than 200 MW capacity’, ‘single-use plastic free’ and ‘zero waste-to-landfill’, a testament to the company’s commitment to powering sustainable growth.