Adani Green Energy Ltd (AGEL) on Monday said it has completed the redemption of all outstanding 750 million dollars Holdco Notes (4.375 per cent) through a fully-funded redemption reserve account.
The Adani Group company, in January, announced to fully backstop the Holdco Notes through a redemption reserve account, maintained eight months before 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, the company said in a statement.
The Holdco Notes were meant to fund AGEL's accelerated growth. 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 per cent.
“Now that AGEL has delivered the accelerated growth plan, it is redeeming the Notes through cash rather than refinancing,” said the company.
“Strong cash flows of operational assets and the construction facility framework agreement fully fund the overall capex program to achieve 50 GW capacity by FY30,” it noted.
With surplus cash from operating assets augmenting the under-construction projects' requirement, AGEL's overall capex programme remains fully funded with such operational assets' cash flows and the available construction facility pool.
In addition, AGEL's promoters had agreed, in December 2023, to subscribe to a preferential warrant amounting to Rs 9,350 crore, and out of which, Rs 7,013 crore (about $835 million) will be available with AGEL to fund any accelerated capital expenditure requirements.
The company's overall capital management philosophy has remained focused on long-term value creation through asset development and positioned it as a self-propelled growth engine.
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.
Currently, the company has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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