Adani Electricity Mumbai Raises $300 Million in Sustainability-Linked Bonds

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Adani Electricity Mumbai Limited (AEML), Adani Transmission Limited’s (ATL) distribution arm, has raised $300 million in sustainability-linked bonds as part of its $2 billion global medium-term notes program.

The bond issuance drew interest from global investors, leading the issue to be oversubscribed 9.2 times. Investors from Asia formed the majority with 49%, followed by 27% from Europe, Middle East, and Africa. North America comprised 24%.

The bond has the environmental, social, and corporate governance (ESG) targets to boost renewable energy reach and reduction of greenhouse gas emissions in line with COP26.

AEML services over 12 million consumers in Mumbai. It priced its first takedown of $ 300 million through 10-year notes under the 144A / REG S format.

With this landmark transaction, AEML’s capital management plan enters the second phase with 100 per cent of the term debt being placed in the international capital markets with the overall maturity now increased to nine years, said the company.

The transaction was closed on July 22 and the funds will be utilised for refinancing of existing debt and regulatory asset development for enabling ‘asset hardening’.

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