Adani Green Energy (AGEL) raised $ 750 million through its first ListCo senior issue in the 144A / Reg S format. The format enables issuers to broaden their investor base and access large, highly capitalized institutional US investors in the private placement market.
The renewable energy producer said the funds will be used to fund the equity portion of investments for underlying renewable projects under construction. “Under the structure, AGEL may draw up to $ 1,700 million or $ 1.7 billion (including the current issue) over time, subject to the structure’s agreements,” the company said.
Earlier this year, the power company took out a $ 1.35 billion revolving credit facility to borrow its projects under construction.
“With this $ 750 million ListCo issue, Adani Green has completed the final phase of its capital management plan and now has a fully funded debt and equity program for its stated goal of 25 GW by 2025,” the company said.
The Joint Lead Managers (JLMs) for the issue were Axis Bank, Barclays, BNP Paribas, DBS Bank, Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank.
The bonds were rated Ba3 (stable) by Moody’s and were 4.7 times oversubscribed.
According to the company, Adani Green has around 19.8 GW of projects in various operating, construction, awarding and acquisition phases aimed at counterparties with investment grade ratings.
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