Adani Green repays USD 750 million Holdco Notes, avoiding refinancing

Adani Green Energy Ltd announced it has fully repaid its $750 million Holdco Notes, using cash reserves and a fully funded redemption reserve, without the need for refinancing. The 4.38% Holdco Notes, issued in September 2021 to fund the company’s expansion, were redeemed ahead of their September 8 due date, according to a stock exchange filing on September 9.

The bonds supported Adani Green’s growth over the past three years, during which the company tripled its renewable energy capacity from 3.5 GW to 11.2 GW, growing at an annual average of 48%. The company’s capital strategy centres on cash flow from operational assets and a construction facility framework, with a target of achieving 50 GW of renewable energy capacity by FY30.

Adani Green’s promoters have also subscribed to a preferential warrant worth Rs 935 billion, of which Rs 701 billion will be used to meet future capital expenditure needs. The company plans to maintain investment-grade credit standards, issuing capital for long-term infrastructure projects, supported by reliable cash flows.

Adani Green’s stock was trading at Rs 1,845 per share on the NSE, down in early trade. Year-to-date, the stock has risen 15.6% on the BSE and delivered a 52% return over the past three years.