Adani Green Concludes Funding for USD750 Million Holdco Bond Reserves

Adani Green Energy Limited (AGEL) has successfully completed funding for the USD 750 million 4.375 notes due on 09 September 2024 (Holdco Notes) by receiving funds through a preferential allotment of INR 9,350 Cr (USD 1,125 million) to AGEL’s promoters. Shareholders of AGEL approved the preferential allotment with an overwhelming 99.9% majority on 18 January 2024. Subsequently, promoters infused INR 2,338 Cr (USD 281 million) as primary infusion into AGEL last week. AGEL has allocated the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, completing the funding of the reserves.

A breakdown of the funding status is provided below:

• TotalEnergies JV Proceeds: USD 300 million funded in SDRA on 03 January 2024.
• Promoter Preferential Allotment: USD 281 million funded in SDRA on 25 January 2024.
• Debt Service Reserve Account, Hedge Reserves, and Interest on Reserve Account: USD 169 million accumulated balance in Reserve Account.

With the above allocations, the entire bond redemptions have been fully set aside in the respective accounts through term fixed deposits, exclusively designated for the redemption of the Holdco Notes. According to Clause 4.6 (b) (i) of the Project Account Deed as summarized in Page 303 of the offering circular dated 01 September 2021 of HoldCo Notes, withdrawals from this account can only be utilized for the repayment, prepayment, or purchase of any Senior Debt, including the principal due and payable under the Document. As a result, the bond stands defeased, 8 months prior to the maturity date of the Holdco Notes.

The successful equity capital raise program totaling USD 1.425 billion (including USD 1.125 billion of preferential issuance by promoters and USD 300 million from TotalEnergies JV) underscores the deep interest of long-term investors and strategic partners. This reaffirms the unwavering commitment of promoters towards meeting AGEL’s strategic objectives of achieving its target of 45 GW by 2030.