Adani Green raises $362 million from sale of dollar bonds

Mumbai: Adani Green Energy, the renewable power arm of Gautam Adani-controlled Adani Enterprises, has raised $362.5 million by selling dollar bonds, as it plans to refinance its existing debt and support capital expenditures. “This is the first 20-year green bond out of India and the first such investment grade bond. This money will be used to refinance loans the company has taken,” said a another person involved in the deal.

Adani Green is into solar projects across India.

Such dollar-denominated bonds yielded 4.625 per cent with 20-year maturity. The company obtained an order book more than $2 billion with global investors like PIMCO, Fidelity, Eastspring betting on the same. Individual investors could not be reached immediately. Global rating company S&P rated the paper with BBB-, lowest in the investment grade.


“Pool of diversified solar assets spread across different sites in India and presence of stronger counterparty, SECI, relative to state distribution utilities should limit volatility,” S&P said in a note. AGEL RG2 operates a pool of 10 solar assets spread across two states in India. It sells power to Indian utilities under fixed-price longterm power purchase agreements (PPAs).

HSBC, JP Morgan, BoAL are some of the lenders that helped the company raise the money.