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. ?

Real Estate

08 Oct 2025

Bombay HC Questions Cuffe Parade Redevelopment On Prime Govt Land

The Bombay High Court (HC) has raised serious concerns over the redevelopment of 33 acres of prime government land in Cuffe Parade, South Mumbai, under the Slum Rehabilitation Authority (SRA) scheme, calling it a potential misuse of public property under the guise of slum rehabilitation.In a strongly worded order issued on 1 October 2025, a division bench of Justices G.S. Kulkarni and Aarti Sathe observed that transferring such valuable land for private development amounted to “removing it from the public pool” and “throwing it open for commercial exploitation” in a city already depriv..

Real Estate

08 Oct 2025

Delhi Plans Rs 20 Billion Twin-Tower Secretariat At ITO

The Public Works Department (PWD) has proposed an ambitious plan to construct a twin-tower secretariat complex at ITO in central Delhi, bringing together all scattered government offices under a single roof. The project, estimated to cost over Rs 20 billion, aims to create a modern governance hub that will reshape the city’s skyline.According to officials familiar with the plan, the proposal is awaiting approval from the PWD minister before being presented to the Delhi cabinet. If sanctioned, the new complex will replace Vikas Minar and an adjoining office block that currently houses the Del..

Real Estate

08 Oct 2025

UP E-Auction Raises Rs 11.68 Billion, Sets Real Estate Record

The Uttar Pradesh Housing and Development Board (UPHDB) has achieved a landmark milestone by raising Rs 11.68 billion through the sale of 992 properties in a mega e-auction held on Vijayadashami. Conducted under the leadership of Chief Minister Yogi Adityanath, the fully digital auction marked one of the largest real estate events in the state’s history, reinforcing investor confidence and transparency in governance.Held on 30 September 2025, the e-auction covered seven districts — including Lucknow, Kanpur, Agra, Aligarh, Moradabad, Ghaziabad, and Kasganj. The properties included 391 resi..