The renewable energy arm of Adani Group, Adani Green is said to be planning a $5bn fundraise via offshore bonds to fund its proposed capacity expansion. As per sources, the fundraise will be in tranches, starting with an issuance this financial year. The sources added that the company prefers to raise via offshore bonds due to “easy availability of long-term capital at lower costs and bullet payment options,” reported Financial Express. Adani Green, which currently has an operational capacity of 8.3GW with another 12.1GW nearing completion, plans to increase capacity to 45GW by 2030. Adani Green’s institutional shareholders include French energy company TotalENergies (19.7% stake), US investment firm GQC Partners (6.8%) and Qatar Investment Authority (2.8%).
Adani Green currently has two dollar bonds outstanding, maturing in September and December next year. The 4.375% September 2024s are trading at 92.78 yielding 11.91% while its 6.25% December 2024s are trading at 94.38 yielding 10.98%.
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