Adani Green completes funding of $750 m worth notes maturing in September

Adani Green Energy has completed the funding for $750 million worth of notes due on September 9, 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of ₹9,350 crore ($1.125 billion) to the promoters of the company.

The funding has several components to it with $300 million coming in from TotalEnergies as part of a joint venture infusion, $281 million from a preferential allotment to promoters and the remaining $169 million held in a debt service reserve account and hedge reserves.

• Also read: Adani Green Energy to raise ₹9,350 crore from promoter group

“... the entire bond redemptions are fully set aside in the respective accounts by way of term fixed deposits which can be utilised only for the redemption of the Holdco Notes,” the company said.

The shareholders of Adani Green had approved the preferential allotment on January 18, 2024 and thereafter the promoters infused $281 million into the company last week.

• Also read: Adani Green Energy completes PPAs for SECI’s 8,000 MW tender

Q3 result

Meanwhile the company’s consolidated net profit in the December quarter more than doubled at ₹256 crore compared with ₹103 crore year ago. There was a one-time expense of ₹100 crore relating to its subsidiaries.

The total income of the company rose 18.6 per cent to ₹2,675 crore, led by capacity addition of 1.15 GW over the last one year and an improvement in capacity utilisation.

Solar energy sales fell 2 per cent in the quarter due to lower solar radiation while that from wind energy was up 69 per cent due to capacity addition. The company derives bulk of its revenue from solar. Sale of energy from hybrid projects doubled on capacity addition and better utilisation.