Adani Green Energy repays over ₹6,200 crore Holdco Notes ahead of schedule

Adani Green Energy Ltd (AGEL) on September 9 announced that it has fully redeemed its USD 750 million Holdco Notes. Issued in September 2021 with a 4.375 percent interest rate, these notes were originally set to mature on 8 September 2024, as per the company statement.

Adani Green Energy's share price was trading in red, down 0.62 percent, at ₹979.35. on September 9, at 9:39 am, on BSE. The company enjoys a market capitalisation of ₹2,93,228.17 crore.

The bonds were introduced as part of AGEL’s ambitious expansion plan, helping fund its accelerated growth over the past three years. During this period, the company’s energy capacity more than tripled from 3.5 GW to 11.2 GW, achieving an impressive compounded annual growth rate (CAGR) of 48 percent.

AGEL announced in January 2024 that it had established a fully funded redemption reserve account to backstop the Holdco Notes. This account, maintained throughout the year, ensured that AGEL could meet its redemption obligations without the need for refinancing.

AGEL Approach

The company’s approach to managing its capital has consistently focused on long-term value creation. “AGEL’s capital management philosophy is about positioning itself as a self-sustaining growth engine, emphasising structured financial planning and credit metrics similar to investment-grade profiles,” the company said.

AGEL’s capacity-building efforts are fully funded through strong cash flows from its operational assets and a construction facility framework, which support the company's goal of reaching 50 GW by FY30.

Moreover, the company’s promoters have played a crucial role in its financial strategy, committing to a preferential warrant worth ₹9,350 crore (USD 835 million equivalent) in December 2023. This funding further strengthens AGEL’s ability to accelerate its capital expenditure as needed.

AGEL expressed gratitude to its investors, lenders, and vendor partners, including Adani Infra (India) Ltd and Adani Infra Management Services Ltd, for their continuous support. The company is now firmly on track to meet its target of 50 GW of renewable energy capacity by 2030, in line with India’s broader decarbonisation goals.