Adani Green Energy, India’s leading private renewable energy company, is aiming to raise $2 billion in the coming months through a combination of international bonds and loans, according to sources familiar with the matter. The company is set to launch a $600 million bond issue in the near future, after previously postponing a $1.2 billion bond issue last month due to investor concerns over geopolitical factors.
For the upcoming issuance, the pricing is expected to be higher, with the yield on US Treasury bonds reaching its highest point since May. This new bond issue will involve three of Adani Green’s Rajasthan-based subsidiaries focused on operational wind and solar projects.
The fourth subsidiary is in talks with international investors for a separate 20-year private placement, which may be concluded by early next year. Adani Green had previously signed a $3.4 billion construction financing agreement with international banks, including DBS, Mizuho, SMBC, MUFG, First Abu Dhabi Bank, ENBD, Intasa, and ING.
These banks will likely participate in the new bond issuance, and the company is also looking to increase the financing framework to $5 billion. The fundraising effort aligns with the company’s plans to expand its capacity, particularly in its Khavda project, which is developing a 30 GW solar park, expected to be the world’s largest renewable energy facility.
To date, 2.2 GW of this facility has been operational as of September 2024. In addition to the bond issuance, Adani Green plans to raise $850 million through two separate bank loans—$300 million and $550 million—over the next few months to support construction finance. The company’s recent expansions have added 2,868 MW of capacity, including 2,000 MW of solar and 450 MW of wind energy.
Adani Green Energy Ltd (AGEL) is one of India’s leading renewable energy companies, focused on the development, operation, and maintenance of solar and wind power projects. As part of the Adani Group, AGEL plays a pivotal role in the conglomerate’s commitment to sustainability and clean energy, aiming to support India’s transition to renewable sources.
The company has rapidly expanded its portfolio, with a target to become the world’s largest renewable energy company by 2030. AGEL operates numerous large-scale solar and wind farms across the country and is actively investing in innovation to increase energy efficiency and reduce carbon emissions. The company’s growth aligns with India’s ambitious renewable energy goals and global efforts to combat climate change.
