Adani Green Revives $600 Million Dollar Bond Deal for Solar-Wind Hybrid Projects
Indian billionaire Gautam Adani’s conglomerate, Adani Green Energy Ltd., is preparing to revive a $600 million bond deal after postponing a similar issuance in October. This move comes as Adani aims to raise funds for its renewable energy ventures.
Investor Outreach
The bond issuance will be conducted by three subsidiaries: Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, and Adani Solar Energy Jaisalmer One. These units will kick off a series of investor calls starting November 18 to promote the benchmark-sized US dollar bonds. Adani Green stated this in a stock-exchange disclosure.
Bond Details
- Structure: The 144A/Reg S notes feature a 20-year maturity and a weighted average life of approximately 13.09 years.
- Ratings: Expected ratings are BBB-/Stable from Fitch, Baa3/Stable from Moody’s, and BBB+/Stable from CareEdge.
- Security: The bonds will be secured by equity shares, assets, and receivables of the issuing entities.
- Purpose: The raised funds will repay existing foreign currency loans used for financing solar-wind hybrid power projects, chosen based on the AGEL Hybrid Restricted Group Green Finance Framework dated August 2024.
Related Article: Google and Adani Group Partner on Solar-Wind Hybrid Project to Power India’s Clean Energy Shift
Previous Delay and Market Conditions
Adani Green initially reached “final price guidance” on a 20-year note offering in October with a projected yield of 7%. However, due to market volatility and rising US rate yields, the deal was postponed. The yield on the company’s 2042 notes has since increased to 7.2%.
Joint Bookrunners
The bond offering involves multiple international banks, including DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING, Intesa Sanpaolo (London), Mizuho Securities (Singapore), MUFG, SMBC Nikko, and State Bank of India (London).
This bond deal highlights Adani’s strategic push to secure long-term funding for its renewable energy portfolio, reinforcing the company’s commitment to green energy expansion.
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