To meet its capital needs, Adani Green raises $750 million through green bonds

The company has raised the funds to support its equity needs for under-construction renewable energy projects and to meet its 25GW targets by 2025..

Adani Green Energy (AGEL) announced that it raised $750 million via a green bond to support its equity needs for under-construction renewable energy projects.

The official statement stated that AGEL could withdraw up to $1,700 million over time as long as the covenants of the structure were met.

As a result of this issuance, the firm has completed the final phase of its capital management strategy, now having a fully-funded programme of both debt and equity in support of its stated target of 25 gigawatts (GW) by 2025.

The company has a strong order book of over $3500 million, which means an over-subscription of 4.7 times.

The company’s MD and CEO, Vneet S Jaain, noted that the 4.7x oversubscription of this issuance shows the confidence of global investors… He added that the company is on track to become the world’s largest renewable energy company by 2030.

The company’s official statement stated that 48 percent of its Order Book investors are from Asia, 28 percent are from Europe, Middle East, and Africa, and 24 percent are from North America.

Moreover, Vigeo Eiris provided a second-party opinion of AGEL’s Green Financing framework, which was evaluated independently by KPMG.

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