Ahmedabad:
Adani Green Energy Limited (AGEL) on Monday said that the company has fully redeemed all outstanding $750 million or 4.375 per cent Holdco Notes. The Adani Group company had announced in January 2024 to fully backstop the Holdco Notes through a redemption reserve account. This is done eight months before the date of redemption of Holdco Notes on maturity to comply with the guidelines.
Renewable energy capacity increased three times
The company said in a statement that three-year holdco notes were issued in September 2021. Through this, the company’s high growth rate has been supported. In the last three years, Adani Green Energy’s renewable energy capacity has increased three times to 11.2 gigawatts, which was earlier 3.5 gigawatts. During this period, renewable energy capacity has grown at a compound annual growth rate (CAGR) of 48 percent.
The company further said that AGEL has demonstrated rapid growth and the company is redeeming the notes through cash instead of refinancing. It further said, “Strong cash flow from operational assets and the construction facility framework agreement will enable the company to fully fund the capital expenditure required to achieve 50 GW of renewable energy capacity by FY 2030.”
AGEL’s promoters have agreed to subscribe to preferential warrants worth Rs 9,350 crore in December 2023. Out of this, funds worth Rs 7,013 crore ($835 million) will be used to meet the capital expenditure of Adani Green Energy. The company’s management is focused on long-term value creation through asset development. The company has a strong base of operational assets that are capable of supporting the company’s under-construction development.
AGEL currently has an operational renewable portfolio of 11.2 GW, spread across 12 states in India.
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(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)
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