Adani Green Energy Limited (AGEL), a green venture by the Adani Group, announced on January 29 that it has successfully concluded the funding for a $750 million Holdco Bond.
The completion of the funding was achieved through the receipt of funds from the preferential allotment of Rs 9,350 crore ($1,125 million) to the promoters of Adani Green. The diverse sources of these funds include Total Energies JV proceeds ($300 million), promoters’ preferential allotment ($281 million), and debt service reserve account, hedge reserves, and interest on reserve account ($169 million).
AGEL shareholders had overwhelmingly approved the preferential allotment on January 18, 2024, with a resounding majority of 99.9 percent. Following this approval, the promoters infused Rs 2,338 crore ($281 million) as a primary infusion into AGEL. The allocated funds have been securely placed in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, marking the successful completion of the funding for the reserves.