Adani Green Energy secures redemption of $750 million bonds ahead of maturity

New Delhi: Adani Green Energy on Monday announced a plan to ensure redemption of its $750 million bonds eight months ahead of their maturity, in an effort to boost investor confidence in the company's financial health.

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

"Adani Green Energy Limited (AGEL) today announced the redemption plan for the $750 million 4.375 notes due 09 September 2024 (Holdco Notes)," the company said in a statement.

Sharing a break-up, AGEL said a $169 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.

"As a result, the entire amount of the $750 million Holdco Notes is fully secured eight months prior to its maturity date," the company said.

AGEL, which is India's largest and world's leading 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.