Adani's $409 million green bond attracts over $3 billion bids

07 Mar 2024 CW Team

Proceeds from this bond issuance are earmarked for redeeming Adani Green's $500 million, 6.25% senior secured notes issued in 2019. These bonds were collectively issued by Adani Green Energy (UP), Parampujya Solar Energy, and Prayatna Developer, all subsidiaries of Adani Green Energy.

This milestone follows Adani Green's successful issuance of a $750 million maiden senior green bond in 2021, reflecting investor confidence in the company's green initiatives and financial stability.

In December 2023, Adani Green announced plans to raise Rs 93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, Ardour Investment Holding and Adani Properties, at a share price of Rs 1,480.75 (~$17.80) per share. The infusion aims to bolster the company's financial position, reduce debt, and accelerate capital expenditure to achieve its ambitious 45 GW renewable capacity target by 2030.

Simultaneously, the company secured a follow-on funding of a $1.36 billion senior debt facility in December 2023, expanding its construction financing framework to $3 billion since its initial project financing. This funding is instrumental in advancing the development of a 2,167 MW renewable energy park in Khavda, Gujarat.

In tandem with its financial achievements, Adani Green reported operationalising an additional 448.95 MW of solar power projects at Khavda through its wholly-owned step-down subsidiaries, Adani Green Energy Twenty-Four A and Adani Green Energy Twenty-Four B. With this development, the aggregate operational solar power capacity at Khavda reaches 1,000 MW, contributing to the company's total operational renewable generation capacity of 9,478 MW.

Power generated from these projects will be sold on March 5, 2024. In February, Adani Green also successfully operationalised an aggregate of 551 MW of solar projects at Khavda, further solidifying its position as a leading player in the renewable energy sector. ?

Adani Green Energy's recent green bond offer, totalling $409 million with an 18-year tenor, saw an overwhelming response, attracting bids exceeding $3 billion. The bonds, set to accrue interest from March 12, 2024, until March 12, 2042, carry a fixed rate of 6.7% and will be listed on the India International Exchange (INX). Proceeds from this bond issuance are earmarked for redeeming Adani Green's $500 million, 6.25% senior secured notes issued in 2019. These bonds were collectively issued by Adani Green Energy (UP), Parampujya Solar Energy, and Prayatna Developer, all subsidiaries of Adani Green Energy. This milestone follows Adani Green's successful issuance of a $750 million maiden senior green bond in 2021, reflecting investor confidence in the company's green initiatives and financial stability. In December 2023, Adani Green announced plans to raise Rs 93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, Ardour Investment Holding and Adani Properties, at a share price of Rs 1,480.75 (~$17.80) per share. The infusion aims to bolster the company's financial position, reduce debt, and accelerate capital expenditure to achieve its ambitious 45 GW renewable capacity target by 2030. Simultaneously, the company secured a follow-on funding of a $1.36 billion senior debt facility in December 2023, expanding its construction financing framework to $3 billion since its initial project financing. This funding is instrumental in advancing the development of a 2,167 MW renewable energy park in Khavda, Gujarat. In tandem with its financial achievements, Adani Green reported operationalising an additional 448.95 MW of solar power projects at Khavda through its wholly-owned step-down subsidiaries, Adani Green Energy Twenty-Four A and Adani Green Energy Twenty-Four B. With this development, the aggregate operational solar power capacity at Khavda reaches 1,000 MW, contributing to the company's total operational renewable generation capacity of 9,478 MW. Power generated from these projects will be sold on March 5, 2024. In February, Adani Green also successfully operationalised an aggregate of 551 MW of solar projects at Khavda, further solidifying its position as a leading player in the renewable energy sector. ?

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..

Infrastructure Energy

04 Jun 2026

Government to Launch Coal Gasification Urea Policy

The government will unveil a coal gasification based policy for urea production within one month, aiming to promote the use of domestic coal feedstock in synthetic fertiliser manufacture. The move seeks to enhance self reliance in fertiliser supply and to provide an alternative route to natural gas based synthesis. Officials said the policy will set out technical standards, permitting norms and incentives for projects that adopt coal gasification technology. It will aim to attract investments from both public sector undertakings and private manufacturers. The scheme will address logistical and..