Adani reaches goal to fund 25 gigawatts of renewables by 2025 target .

India-based renewables developer Adani Green Energy has raised US$750 million through a green bond offer, securing the debt and equity needed to reach a 25GW renewables target.

The bond offer, which was 4.7x oversubscribed, allows Adani to draw up to US$1.7 billion – including the present issue – complementing a US$1.35 billion revolving construction framework agreement for senior debt funding.

Dani said the offer meant it had completed the final phase of its capital management plan, meaning it has established a fully-funded programme of both debt and equity for the renewables giant to meet its aim of developing 25GW of renewables projects by 2025.

Adani has priced the three-year issuance at a fix coupon of 4.375%.

Vneet S Jaain, managing director and CEO at Adani Green Energy, said the extent to which the bond offer was oversubscribed was testimony of the confidence investors have in Adani’s renewables platform.

[Liam Stoker]

7 September 2021

IEEFA