Adani Green Energy is working on refinancing $750 million (₹6,250 crore) worth of bonds at the holding company level that are maturing in September next year. As per the terms of the bond issuance, the refinancing plan has to be submitted by early December this year.

To repay the bonds at maturity, the promoters have created a liquidity pool , that “will be tapped into” at the time of maturity, Chief Executive Officer Amit Singh told in an Investor-call.

The promoters led by Gautam Adani, had raised over $5billion (₹41,500 crore) between March and August this year through strategic stake-sales in group entities.

The company’s RG1 (Restricted Group 1) bonds worth $500 million (₹4,000 crore) underpinned by operational assets have bullet repayment in December next year, these will also be refinanced to longer tenor instruments for which discussions are already at an advanced stage, the management said.

Adani Green , ended the September quarter with a gross debt of ₹48,327 crore, of which 94 per cent is long-term debt. Around 27 per cent of its debt is in the form of US dollar bonds.

The bulk of the repayment is scheduled for FY25 at ₹22,942 crore, which also includes repayment of ₹15,331 crore that will be refinanced.

‘work-in-progress’

Singh said that the qualified institutional placement worth $1.25 billion, for which it has obtained shareholder approval, is still ‘work-in-progress’ and is likely to be done in the next year. From FY25 onwards the company plans to accelerate its pace of project execution and capacities to add about 5 GW a year.

In the ongoing fiscal the company has spent around ₹4,500 crore on its planned capex of ₹14,000 crore. It is adding around 3 GW capacity this year, adding to its current operational capacity of 8.4 GW.

Singh indicated that in FY25 the capex will likely exceed what has been planned for FY24, adding that a specific number on this will be known later this year.

he company reported a 63 per cent rise in cash profit to ₹2,082 crore, in six months leading till september, while revenue from power supply was up 66 per cent at ₹4,029 crore and operating profit risen r 58 per cent at ₹ 3,775 crore.

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