NEW DELHI: On Monday, the company said in a statement, that Adani Green Energy (AGEL) announced the repayment plan for an outstanding debt of $750 million due on September 9, 2024. The company said in the press note that the amount raised through 4.375% coupon-bearing bonds will be fully secured through cash balances set aside as part of various reserve accounts.
As per the repayment plan, the company will use $169 million in the reserve accounts and from internal accruals. A sum of $300 million will come from the amount received from , which signed a 1,050 MW JV deal with the company on 26 December 2023.
Another $281 million will come from Initial tranche of the promoter preferential allotment. The company said in the press note that with this, AGEL has fully defeased the bonds, eight months before the maturity date and has further resulted in significant deleveraging in AGEL by way of equity proceeds while continuing to deliver on the growth plans.
“Underpinning the repayment is the successful equity capital raise program of $1.425 billion (includes $1.125 billion of preferential issuance by promoters and $300 million from TotalEnergies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL’s strategic priorities of achieving its target of 45 GW by 2030,” said the company in a press note.
According to company sources, there were lot of talks about Adani group companies being over-leveraged and that was weighing on the share prices of the group company stocks. “Adani Green Energy’s overall debt was slightly higher when compared with its revenues. So, we decided to arrange prepayment of the debt due in September this year,” said a company source.