Adani green completes funding for redemption of $750 million bonds, 8 months ahead of their maturity

New Delhi: Adani Green Energy Ltd (AGEL) on Monday said it has completed the funding for redemption of its $750 million bonds, eight months ahead of their maturity.

The Adani Group company had raised $750 million through the issuance of NCDs (non-convertible debentures) which will mature in September this year.

On January 8, AGEL had announced a plan to ensure early redemption of its $750 million bonds.

In a statement on Monday, AGEL said it has "completed the funding for the $750 million 4.375 notes due September 9, 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of Rs 9,350 crore ($1,125 million) to the promoters."

Sharing a break-up, AGEL said $69 million has been put through the reserve accounts and internal accruals, while another $300 million has recently been invested by TotalEnergies through a joint venture.

The remaining $281 million has been secured through promoter preferential allotment.

AGEL, which is India's largest renewable energy solutions company, develops, owns, and operates utility-scale grid-connected solar, wind and hybrid renewable power plants.

It currently has an operating renewable portfolio of 8.4 GW, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.